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Technology Stocks : Semi Equipment Analysis
SOXX 337.22+1.6%4:00 PM EST
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To: sixty2nds who wrote (27869)1/11/2006 10:04:11 AM
From: sixty2nds  Read Replies (1) of 95729
 
From Tues...08:04 Morgan Stanley upgrades Semi Equipment rating to Attractive; Upgrades FORM and AMAT; Downgrades PLAB and NVLS

Morgan Stanley upgrades its semi-cap industry view to Attractive from In-Line, as it now expects semi-cap stocks to outperform both the broader market and semi stocks. Firm believes semi-caps likely have ended their 3-year underperformance vs. semi stocks. This is based on: 1) new consumer-product cycles, emerging toward the end of 2006, are driving the semi industry to re-equip itself over the next four to six quarters; 2) capital intensity carries risks to the upside as chipmakers build out sub-70nm capacity; and 3) less volatility in orders and earnings should support valuations, which look favorable vs. previous cycles. Firm has raised estimates across the industry. Firm upgrades FORM and AMAT, but downgrades PLAB and NVLS (despite higher forecasts, firm thinks NVLS will not meet consensus estimates for 2006).
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