Intel Corp’s storming first quarter figures (see page seven) have not gone down well everywhere, and Hancock Institutional Equity Services analyst Eli Sayegh reckons that there is not much more to go for in the stock: he yesterday downgraded Intel to sell from hold, saying he thinks the company is near peak operating margins at just over 40%, double the historical norm; he said the company’s margins have been driven largely by a shift from the 80386 chip to the 80486 chip and this cannot go on for too long; he reckons that Advanced Micro Devices Inc will immediately take 10% of the 80486 market with its planned clone, and could take as much as 25% over time; his damper wiped $1.75 off Intel shares at $115.75.
