(COMTEX) SEM: Merrill Re-examines Semi Ind; Raises Targets 
[delayed] ( EventX/Knobias.
om )
 
Ridgeland, MS, NOV 10, 2003 (EventX/Knobias.com via COMTEX) -- Merrill Lynch
noted that the past quarter has seen sharp moves upward both in equity prices
and earnings expectations for the Semiconductor industry. The SOX stands at an
18-month high of 530, and has risen 82% YTD. Revenue and earnings expectations
have been rising as the firm recently revised their industry growth estimate to
18% in 2004 and the Semiconductor Industry Association revised their estimate to
19.4% for 2004. In re-examining the return on operating capital and peak
earnings analyses that underpins their price objectives, the firm raised their
price targets for five buy-rated stocks: LLTC, MCHP, MXIM, SMTC and XLNX.
 
Merrill said that their valuation analysis continues to support a positive
stance on the industry despite the rise in stock prices. Their revised
assumptions continue to be well within the parameters suggested by their
top-down analysis, which suggests that potential returns in their buy-rated
stocks are still not limited by valuation considerations.
 
Merrill raised their price targets on five buy-rated stocks: LLTC (from $46 to
$52), MCHP (from $31 to $40), MXIM (from $50 to $60), SMTC (from $22 to $28) and
XLNX (from $39 to $42) while maintaining their targets on their other buy-rated
stocks: AGR.A ($4.25), INTC ($40), ISIL ($35), NSM ($50), RFMD ($14) and SGTL
($33).
 
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