Semi Equipment Analysis Message Board

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Technology Stocks : Semi Equipment Analysis

SOXX 343.07

-0.5%

Jan 26 4:00 PM EST

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To: Donald Wennerstrom who wrote (22545)	3/30/2005 12:32:30 PM
From: Donald Wennerstrom	Read Replies (1) of 95765

Here is the summary of CSFB thinking on MU after the report yesterday. <<Valuation near trough protects downside – 2H drivers possible. Micron’s stock is near trough levels at 1.4 times EV/Sales and 1.3 times Price/Book, near the low-end of the 10 year ranges of 1-4 times for both metrics. We expect the stock to remain weak through the seasonally slow 2Q period with industry supply still ramping faster than demand. We look for a possible rebound in H205 as industry supply tightens with the ramp of less efficient DDR II and seasonal unit growth ramps from the PC and consumer markets. However, we are remaining Neutral due to potential for over-supply persisting through 2Q05.>>

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