EFTA Document EFTA01461178

21 November 2013 Semiconductors Intel Valuation & Risks Valuation Intel trades near its historical low points on both P/S and P/E multiples. We believe further upside potential remains as investors see accelerating growth in 2H14. Our price target is based on an EV/S ratio of 2.3x our 2014 revenue estimate, a -10% discount to the five-year average. On a P/E basis, our price target is based on -12x our 2014E EPS. We note the straight P/E is well below the large-cap average within our co