Intel: More Resilient Than Overall Chip Demand?

Intel (INTC) certainly isn’t immune from the downturn in the economy–a decline which both IDC and Gartner today said will result in a big dropoff in 2009 semiconductor industry revenue.

But Barclays Capital analyst Tim Luke today asserted that Intel might not be hurt quite as badly as some other chipmakers.

Luke wrote in a research note that while PC and microprocessor demand during the second half 2009 is likely to be “muted,” he says that “channel and Asia checks” find “broadly in line” Q1 trends. He sees support for the stock from some restocking of inventory in Q2, troughing revenues and margins, a strong competitive position, robust cash generation and a 4.5 percent dividend.

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