AMAT, KLAC, NVLS upgraded at SG Cowen
SG Cowen upgrades AMAT, KLAC, and NVLS to Outperform from Mkt Perform for the following reasons: 1) believes we're in the midst of a gradual cyclical recovery, and there is continued evidence that IT spending and semis are gradually improving; 2) expects improvement in 2H03 driven by incremental 300mm spending by IDMs and a resumption of orders from TSMC; 3) capacity models suggest a strong 2004 recovery; 4) concerns over declining memory orders/pushouts appear priced in; and 5) valuations attractive for longer term investors
7:05AM Sanmina-SCI cut to Neutral at UBS on valuation; target $4.80 (SANM) 4.72:
6:51AM Plexus Corp guides cuts Q2 guidance (PLXS) 9.60: Contract manufacturer warns of a Q2 loss in the $0.10-$0.12 range vs previous guidance of a $0.02-$0.05 loss (Multex consensus -$0.04). PLXS puts revs at approx $190 mln (consensus $192.2 mln). "Reflecting on-going softness across all of our end-markets, we expect revenue to come in at the low end of guidance for the quarter."
In the tech sector, Jabil Circuit (JBL 18.00 +0.73) matched both the Multex EPS and revenue estimates of $0.16 and $1.15 bln, respectively, in its Q2 (Feb) report. The provider of electronic manufacturing services (EMS) expects to post another set of in line results in Q3 (May), with revenues increasing 5-8% sequentially to $1.20-1.24 bln and EPS rising to $0.17-0.19, as compared to consensus estimates of $0.18 and $1.21 bln. Competitors of JBL include the likes of CLS, FLEX, SANM, and SLR.
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