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Technology Stocks : Cohu, Inc. (COHU)
COHU 23.03-0.6%Nov 12 3:59 PM EST
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To: Henry D who wrote (1398)9/9/1999 12:38:00 AM
From: KLINVESTOR  Read Replies (1) of 7822
 
HenryD,

If Needham reiterated a Strong Buy on Cohu Yahoo Research must not have them as one of the two analysts covering Cohu. Both analysts reflected in the Yahoo Research section have a 2 rating which equates to a Buy rating. Hopefully Needham has given a Strong Buy as an upward revision or they simply had not issued an updated report until recently. Either way a Strong Buy recommendation is warranted and the reasoning of being undervalued compared to its competitors is a huge understatement.

On a value basis Cohu is trading for roughly half of TER's PE by annualizing last quarters earnings. The next quarter will probably even show Cohu earnings jumping more rapidly the TER. Cohu has beaten TER on an earnings basis every quarter for the last 3-4 years except two (last quarter of 1998 and lst quarter 1999) an that is explainable due to the difference in backlog normally held by both companies. Cohu delivers within 3 months and TER delivers with 6-9 months generally. Thus when orders fell off a cliff mid way through last year of course Cohu would lag TER on an earnings basis. Now orders are taking off Cohu is jumping ahead of TER on an earnings basis and the next few quarters will show this even more dramatically. Cohu is definitely one of the best values in the semi-equip market.

With the DRAM market "dramatically" turning around in the last month or so the future for Cohu looks really bright. Hopefully even $47.50 per share will look cheap in another 3-6 months.

Good luck to all!
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