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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 223.95+1.7%3:59 PM EST
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To: FJB who wrote (20776)9/29/2006 9:12:27 AM
From: matt dillabough  Read Replies (1) of 25522
 
Semiconductors: Decreasing short-term analog ests; Sept orders improve, but fall short - AmTech

AmTech says given recent negative pre-announcements across the semiconductor industry from MXIM, SLAB, MCHP, and MSCC, among others, they are decreasing their analog growth rates for 2H06 as they believe it will take 1-2 quarters for distribution to work down excess inventory built into the channel over the course of 1H06. Firm is also increasing their growth rates for 1H07 slightly as they believe inventory levels will likely over-correct and they will see a slight bounce as they are replenished to begin Y07. This is consistent with inventory builds they have seen in the past. As a result of recent negative data points firm is decreasing near-term ests for ADI, ISIL, LLTC, and MCRL while maintaining their general "Neutral" stance on analog names in general. Although firm is decreasing their EPS ests across the board, they maintaining their previous tgts and individual stock ratings as they believe multiples likely increase as pre-announced rev ests will be viewed as more achievable. Firm is not altering their ests for the other analog names under coverage (SMTC, NSM, and MXIM) as they already incorporate their weaker outlook for 2H06.
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