Romit Shah at Nomura Instinet reiterated his buy recommendation on Intel and his $40 price target on Intel. That being the case, he mentioned that near-term accretion is limited, but remains optimistic on long-term upside.Here was the key highlight to the report released to Nomura clients a couple days ago:We estimate the deal will be ~2% accretive to CY18 EPS; management guides to $175mn in cost synergies. Our analysis suggests that Intel will now earn $3.07 for CY18 EPS, up from our $3.00 stand-alone estimate, implying that the deal is ~2% accretive. Intel will finance the $15bn acquisition using offshore cash, which, as of Dec ’16, was $13.6bn (vs. $17.1bn total cash balance). The deal is targeted to close within nine months (end of CY17) and the company expects the deal to be immediately accretive to non-GAAP EPS and FCF. Intel guided for annual cost synergies of $175mn by 2019 (mainly from R&D) and incremental tax related benefits.His comments on near-term accretion is reasonable, though we differ on Intel upside, as I’m more neutral if not bearish on Intel’s gross margins and headwinds from competition.