Considering the very poor organic earnings growth and its prospects, I say yes.  You and I know that when a company is growing single mid digits or less, it tades at around a 10 muliple.  This market is being overly generous, we know it, however, if INTC were to start delivering disappointing earnings the market will certainly not be kind.

Revenue is stalling, this past year it grew 6% but prior two was stuck at no growth:

finance.yahoo.com/q/...annual

And revenue estimnates for this year are lower than 2014 and just a little for 2016:

finance.yahoo.com/q/...imates

All in all, INTC will have to manage earnings by cost cutting and buy backs, financial engineering is the only way, and that will only carry it so long.  There are challenges too, as I have discussed in many posts.  For me INTC is only a trading stock.