I tend to think that INTC managed earnings masterfully over the past two years, i.e. set expectations low, exercized tough and strict cost controls, kept a lid on inventories and had enough sales momentum to last this long without a hic up, but the company's growth has slowed down meaningfully nevertheless.  Unless a new growth cycle starts, which in my view is quite unlikely for the mid term, I think it gets a bit tougher to get the street to continue to play the managed expectations game.   But since I have been wrong on INTC for so long .... 

That said, INTC may be a buy sometime this year, the stock has pulled back a decent amount already and if it drops further, say to the mid 20s, it would look quite attractive.