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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

+1.0%

Dec 5 4:00 PM EST

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To: Donald Wennerstrom who wrote (30436)	5/15/2006 7:11:52 PM
From: Donald Wennerstrom	of 95531

Micron Sell-Off Creates Opportunity Maya Roney, 05.15.06, 12:29 PM ET Caris & Co. upgraded Micron Technology to "buy" from "above average," citing rising flash memory demand and an attractive sector valuation driven by the recent rise in interest rates. "Rates have again gone up and traders who a month ago thought the Fed was done are no longer sure," wrote analyst Rick Whittington in a report Monday. "The ensuing sharp sell-off in high-fliers and laggards alike provides still another opportunity for forward-looking, strategic investors to orient portfolios to the new growth stocks and away from the old." Whittington believes lower valuation infrastructure stocks with faster near-term revenue growth rates, like Micron, offer investors sizable value during the present "market reset." The analyst anticipates a continued rotation away from IT to infrastructure and security names in the week and months ahead. In addition, NAND flash demand is rising from early 2006 price cuts, suggesting that Micron (nyse: MU - news - people ) will show strong sequentials in the several upcoming quarters, according to the analyst. In his coverage of microprocessors, Whittington also has a "buy" rating on Advanced Micro Devices (nyse: AMD - news - people ). He has "above average" ratings on SanDisk (nasdaq: SNDK - news - people ) and Intel (nasdaq: INTC - news - people ).

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