She expects its price-to-earnings ratio of 22, based on her 2002 earnings estimate, to reach 26.5 in a year, based on her 2003 earnings estimate.
It said the full-year consensus earnings estimate of 33 cents a share "may be conservative".
"Do I like deals that I can't come up with a reasonable earnings estimate on?
In Europe, stocks fell after J. P. Morgan lowered its earnings estimate for Royal Dutch/Shell.
Morgan Stanley recently cut its 2002 earnings estimate for G.M. to $1.75 a share from $4.
A Procter & Gamble spokesman, Terry Loftus, said the company had given no specific earnings estimate.
The BofA research analyst cut his earnings estimate for Lehman, anticipating more trouble awaiting brokerage firms.
Last April, however, G.E. missed its earnings estimate by a huge amount, some $700 million.
The consensus earnings estimate on Wall Street for Intel next year is 80 cents a share.
Allianz also lowered its earnings estimate for the second time this month.
Shares now trade at $8.6875, or 7.9 times his 2000 earnings estimate of $1.10 a share.
