John, I saw Jon Joseph of SSB on CNBC just now, at their semiconductor conf. in Monterey, CA., interviewed by Martha McCallum.
MM: How about Cisco's earnings, and what does it mean to techs and semis?
JJ: Finally seeing some inventory building turning into end user demand and buying. See re-acceleration of IT capital spending and this will help semis as well, of course.
MM: Were you early in your bottom call for semis last Q3?
JJ: Yes, we wanted to be. Actually, semi stocks outperformed the rest of tech since last fall.
MM: How about Intel? Investors have been patient with them since last fall (guess she means the stock hasn't tanked as much as a lot of other big caps).
JJ: We have a $45 target for the next 12 to 18 months, feel quite confident it will get there. We expect Q2 to possibly be seasonally down for them, but expect significant second half building of their business. They are distancing themselves from AMD, and I believe their margins will continue to improve. I expect some positive surprises from Intel in the second half.
MM went on to asking about TI from there, JJ bullish on them also, expects cell phones and analog to be strong.
Tony |
