EFTA01433420.pdf

Semiconductors Intel Deutsche Bank Markets Research Rating Buy North America United States TMT Semiconductors Reuters INTC.OQ Bloomberg INTC US Exchange Ticker INTC NSM Company Intel Date 3 January 2018 Company Update Price at 3 Jan 2018 (USD) Price target 52-week range Security issue addressed Valuation & Risks Intel responds to security issues 1/3/18 afternoon Intel responded to findings published by Google's Project Zero which discovered security flaws through side channel analysis, which were caused by exploiting "speculative execution" techniques common in modern processors. These exploits could allow malware using this method and running locally, to read privileged system memory by circumventing expected privilege levels, and as a result have the potential to improperly gather sensitive data from devices. Intel asserted that the issue is not Intel or x86 specific, and that the executed side-channel cache attacks are not a result of a product errata, as processors are operating to designed specifications. Intel is working with industry partners including AMD, ARM Holdings, operating system vendors, and OEMs, to develop an industry wide approach to resolve the three security issue variants through software (OS and VMM) and firmware updates, over the coming days and weeks. Intel did acknowledge there are workload -dependent performance impacts from existing software and firmware updates, but highlighted that for the average workload, performance impacts should not be significant and will be mitigated over time. Separately, AMD highlighted that it is addressing the one security issue variant (Bounds Check Bypass) identified by Google's EFTA01433420 Project Zero impacting AMD, through software/OS updates with negligible impact to performance. AMD also noted that differences in AMD's architecture lowers the risk of the other two security issue variants (Branch Target Injection and Rogue Data Cache Load) to near zero risk. DB Take: Fix is coming, impact de minimis We see little risk to Intel's market share and financials, as Intel has already been working with ecosystem partners for some time in developing and deploying software and firmware updates. Intel sees any future changes to hardware as being "enhancements" to the existing microarchitecture roadmap. While these three security issue variants are more complex as they utilize a new approach (speculative execution) to side-channel cache attacks, we expect Intel and its partners to resolve these issues relatively quickly. Given the temporary nature of this issue, we view the --4% pullback in Intel shares as an opportunity to add to positions and we reiterate our Buy rating. Looking forward, we expect investor attention to move to CES (Jan 9-12) and 4017 earnings on Jan 25. Ross Seymore Research Analyst +1-415-617-3268 Sidney Ho Research Analyst +1-415-262-2061 JiHyung Yoo Research Associate +1-415-617-4222 Jeriel Ong Research Associate +1-415-617-2923 Melissa Weathers Research Associate +1-904-527-6484 Price/price relative 60 40 20 2015 Intel Performance (%) Absolute S&P 500 INDEX Source: Deutsche Bank Stock & option liquidity data Market cap (USDm) Shares outstanding (m) Free float (%) EFTA01433421 Volume (3 Jan 2018) 2016 2017 S&P 500 INDEX (Rebased) lm 3m 12m 4.9 20.0 29.2 2.0 6.6 20.4 2018 45.26 50.00 47.56 - 33.46 212,710.7 4,699.8 100 7,981,053 Option volume (und. shrs., 1M avg.)15,747,626 Source: Deutsche Bank Deutsche Bank Securities Inc. Distributed on: 04/01/2018 01:27:07 GMT Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. 7T2se3r00t6kwoPa EFTA01433422 3 January 2018 Semiconductors Intel Appendix 1 Important Disclosures *Other information available upon request Disclosure checklist Company Intel Ticker INTC.OQ Recent price* 46.85 (USD) 2 Jan 2018 Disclosure 1, 2, 6, 7, 8, 9, 14, 15 *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/ DisclosureDirectory.eqsr. Aside from within this report, important conflict disclosures can also be found at https://gm.db.com/equities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.See Important Disclosures Required by Non-US Regulators and Explanatory Notes. 1. Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public or private offering for this company, for which it received fees. 2 6. 7. 8. Deutsche Bank and/or its affiliate(s) makes a market in equity securities issued by this company. Deutsche Bank and/or its affiliate(s) owns one percent or more of a class of common equity securities of this company calculated under computational methods required by US law. Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investment banking or financial advisory services within the past year. Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment banking services from this company in the next three months. EFTA01433423 14. Deutsche Bank and/or its affiliate(s) has received non-investment banking related compensation from this company within the past year. 15. This company has been a client of Deutsche Bank Securities Inc. within the past year, during which time it received non-investment banking securities-related services. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.See Important Disclosures Required by Non-US Regulators and Explanatory Notes. 1. Within the past year, Deutsche Bank and/or its affiliate(s) has managed or co-managed a public or private offering for this company, for which it received fees. 2. 6. 7. 9 Deutsche Bank and/or its affiliate(s) makes a market in equity securities issued by this company. Deutsche Bank and/or its affiliate(s) owns one percent or more of a class of common equity securities of this company calculated under computational methods required by US law. Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investment banking or financial advisory services within the past year. Deutsche Bank and/or its affiliate(s) owns one percent or more of any class of common equity securities of this company calculated under computational methods required by India law. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.com/ger/disclosure/DisclosureDirectory.eqsr Analyst Certification Page 2 Deutsche Bank Securities Inc. EFTA01433424 3 January 2018 Semiconductors Intel The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subject issuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ross Seymore Historical recommendations and target price. Intel (INTC.OQ) (as of 01/02/2018) 10.00 20.00 30.00 40.00 50.00 60.00 0.00 Jan '15 Jul '15 Jan '16 Jul '16 Date 1. 01/16/2015 Buy, Target Price Change USD 42,00 Ross Seymore 2. 03/12/2015 Buy, Target Price Change USD 38,00 Ross Seymore 3. 04/15/2015 Buy, Target Price Change USD 37,00 Ross Seymore 4. 12/28/2015 Buy, Target Price Change USD 38,00 Ross Seymore 5. 03/20/2016 Buy, Target Price Change USD 37,00 Ross Seymore Equity Rating Key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share-holder return, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Newly issued research recommendations and target prices supersede previously published research. Jan '17 Jul '17 Jan '18 Current Recommendations Buy Hold Sell 9 1 2 3 4 EFTA01433425 5 7 6 ** Analyst is no longer at Deutsche Bank 8 10 Not Rated Suspended Rating 6. 07/13/2016 Buy, Target Price Change USD 40,00 Ross Seymore 7. 09/16/2016 Buy, Target Price Change USD 42,00 Ross Seymore 8. 01/27/2017 Buy, Target Price Change USD 43,00 Ross Seymore 9. 10/27/2017 Buy, Target Price Change USD 45,00 Ross Seymore 10. 12/10/2017 Buy, Target Price Change USD 50,00 Ross Seymore Equity rating dispersion and banking relationships Deutsche Bank Securities Inc. Page 3 Security price EFTA01433426 3 January 2018 Semiconductors Intel Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively "Deutsche Bank"). 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Page 7 EFTA01433437 David Folkerts-Landau Group Chief Economist and Global Head of Research Raj Hindocha Global Chief Operating Officer Research Anthony Klarman Global Head of Debt Research Michael Spencer Head of APAC Research Global Head of Economics Paul Reynolds Head of EMEA Equity Research Andreas Neubauer Head of Research - Germany International Production Locations Deutsche Bank AG Deutsche Bank Place Corner of Hunter & Phillip Streets Sydney, NSW 2000 Australia Tel: Deutsche Bank AG London United Kingdom Tel: Deut am Main Germany Tel: Deutsche Bank Securities Inc. 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