Fresh off raising $6B
, Intel (INTC -0.8%
) has received two negative sell-side notes. 1) Raymond James has downgraded
shares to Underperform, warning gross margin could fall below 55% from the 62%-65% seen lately, thanks to competition from AMD and ARM-based chips. It's also skeptical any internal replacement
for CEO Paul Otellini will provide needed change. 2) Nomura thinks
the odds of Apple eventual dumping Intel
are high, arguing desktop-caliber ARM processors are now possible and the move could save Apple $100/unit in costs.