thanks, 'dozer. me thinks ML sprung a leak too.
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RESEARCH ALERT - Chip cos.' price targets raised
June 15, 1999 09:40 AM
NEW YORK, June 15 (Reuters) - Merrill Lynch analyst Joe Osha raised his 12-month price targets for seven semiconductor companies Tuesday.
-- "As a result of increasing unit volumes and continued firm pricing across the industry, we are raising our estimate for 1999 global semiconductor revenue growth from 12 percent to 15.5 percent," he wrote in a report.
-- He set the following price targets: Analog Devices Inc. (ADI) $52, Broadcom Corp. (BRCM) $150, Conexant Systems Inc. (CNXT) $66, Galileo Technology Ltd. (GALT) $42, PMC-Sierra Inc. (PMCS) $70, Texas Instruments Inc. (TXN) $155 and Vitesse Semiconductor Corp. (VTSS) $74.
-- "... As industry growth accelerates, stock prices have performed well, in many cases nearing or exceeding price objectives that we have only recently established.
-- "However, we note that stock price performance in the semiconductor sector has tended to track revenue growth in the past -- revenue growth is accelerating now, which implies further upside to stock prices even from current levels." |
