Employees at Intel who have shares in the giant computer chip manufacturer have seen the value of their shareholdings drop recently on the back of weaker equity markets and uncertainty about the group's earnings.

The shares, which have been among the top performers on Wall Street over the last three years, are now trading at a discount of around 25 per cent of their all time-high of $102 (£70) reached during August. But BCP Stockbrokers suggest that this may be just a temporary setback.

It believes that the company is entering a new growth phase and that a recent restructuring of its operations designed to meet the many changes now facing the computer industry will support further gains.

The share's fundamental strength lies in Intel's dominant position in designing and manufacturing microprocessors, it says. According to the brokers, company earnings look set to continue to grow for the foreseeable future, although quarterly earnings may fluctuate. A good bet for the short to medium term, according to BCP.