📄 Extracted Text (830 words)
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"). Though the information herein is believed to be reliable and has been obtained from public sources
believed to be reliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-
party websites in this report are provided for reader convenience only. Deutsche Bank neither endorses the content nor
is responsible for the accuracy or security controls of those websites.
If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report,
or is included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may
act as principal for its own account or as agent for another person.
Deutsche Bank may consider this report in deciding to trade as principal. It may also engage in transactions, for its
own account or with customers, in a manner inconsistent with the views taken in this research report. Others within
Deutsche Bank, including strategists, sales staff and other analysts, may take views that are inconsistent with those taken
in this research report. Deutsche Bank issues a variety of research products, including fundamental analysis, equity-linked
analysis, quantitative analysis and trade ideas. Recommendations contained in one type of communication may differ
from recommendations contained in others, whether as a result of differing time horizons, methodologies, perspectives
or otherwise. Deutsche Bank and/or its affiliates may also be holding debt or equity securities of the issuers it writes
on. Analysts are paid in part based on the profitability of Deutsche Bank AG and its affiliates, which includes investment
banking, trading and principal trading revenues.
Opinions, estimates and projections constitute the current judgment of the author as of the date of this report. They do
not necessarily reflect the opinions of Deutsche Bank and are subject to change without notice. Deutsche Bank provides
liquidity for buyers and sellers of securities issued by the companies it covers. Deutsche Bank research analysts sometimes
have shorter-term trade ideas that may be inconsistent with Deutsche Bank's existing longer-term ratings. Trade ideas
for equities can be found at the SOLAR link at httpJ/gm.db.com. A SOLAR idea represents a high-conviction belief by an
analyst that a stock will outperform or underperform the market and/or a specified sector over a time frame of no less than
two weeks and no more than six months. In addition to SOLAR ideas, analysts may occasionally discuss with our clients,
and with Deutsche Bank salespersons and traders, trading strategies or ideas that reference catalysts or events that may
have a near-term or medium-term impact on the market price of the securities discussed in this report, which impact
may be directionally counter to the analysts' current 12-month view of total return or investment return as described
herein. Deutsche Bank has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof
if an opinion, forecast or estimate changes or becomes inaccurate. Coverage and the frequency of changes in market
conditions and in both general and company-specific economic prospects make it difficult to update research at defined
intervals. Updates are at the sole discretion of the coverage analyst or of the Research Department Management, and the
majority of reports are published at irregular intervals. This report is provided for informational purposes only and does
not take into account the particular investment objectives, financial situations, or needs of individual clients. It is not an
offer or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy.
Target prices are inherently imprecise and a product of the analyst ' s judgment. The financial instruments discussed
in this report may not be suitable for all investors, and investors must make their own informed investment decisions.
Prices and availability of financial instruments are subject to change without notice, and investment transactions can lead
to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other
than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not
necessarily indicative of future results. Performance calculations exclude transaction costs, unless otherwise indicated.
Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local
exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, and
other parties.
The Deutsche Bank Research Department is independent of other business divisions of the Bank. Details regarding
organizational arrangements and information barriers we have established to prevent and avoid conflicts of interest with
respect to our research are available on our website under Disclaimer, found on the Legal tab.
Page 4 Deutsche Bank Securities Inc.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087578
CONFIDENTIAL SDNY_GM_00233762
EFTA01386047
ℹ️ Document Details
SHA-256
fa5884d86d877dd7aa970095d3b98e9ff6fb76de35c5935b5b5e5040c3e7a44b
Bates Number
EFTA01386047
Dataset
DataSet-10
Document Type
document
Pages
1
Comments 0