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Technology Stocks : Semi Equipment Analysis

SOXX 299.48

-4.8%

Dec 12 4:00 PM EST

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To: Proud_Infidel who wrote (15716)	6/14/2004 5:23:51 PM
From: Donald Wennerstrom	Read Replies (1) of 95574

No lack of optimism here. forbes.com <<Why National Semi's Future Looks Solid 06.14.04, 10:58 AM ET Morgan Stanley raised earnings estimates and the target price on National Semiconductor (nyse: NSM - news - people ), citing the company's fiscal fourth quarter as the seventh consecutive upside earnings surprise. Morgan Stanley said National Semiconductor is well positioned in the various end markets, with the mobile phone market (about one third of total revenue in the latest quarter) and the company's display market (10% to 12% of total revenue) "were the strongest areas," and the company's PC revenue (12% to 15% of total revenue) was "seasonally soft." The research firm said National Semiconductor suggested that its mobile phone sales "experienced broad-based strength throughout all of their top customers," which include LG of South Korea, Motorola (nyse: MOT - news - people ), Nokia (nyse: NOK - news - people ) and Samsung. Morgan Stanley raised the fiscal 2004 earnings estimate to 84 cents per share from 80 cents, and raised the fiscal 2005 estimate to $1.40 from $1.18. It also raised National Semiconductor's target price to $32 from $27.50. Morgan Stanley said, "We believe National Semi's long-term future appears to be solid and strategic initiatives should help the company focus on its core analog integrated circuit competencies, while continuing to deliver improvements to the bottom line. An increase in earnings power should drive National Semiconductor [shares] higher.">>

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