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Politics : RAMTRONIAN's Cache Inn

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From: Tom Caruthers	2/6/2008 5:13:06 PM
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FYI. From MDB's report in January 2008. Target Price $8 Ramtron is poised for another good year in 2008 in our opinion. The company’s product pipeline is festooned with new products which continue to appear in many OEM products. And, we expect further additions this year. We are reiterating our BUY rating on these shares and highly recommend them to clients looking for a micro-cap semi-play with consistently profitable growth. We have also added our first top and bottom line projections for the company’s FY2009, and we are looking for non-GAAP earnings per share of $0.42 for the year on revenue of $76.4 million. Since we continue to expect the company’s growth to exceed 20% going forward, we are applying a 20- times forward multiple to our FY2009 EPS estimate to obtain our new price target of $8.00. Developments expected from Ramtron as the 2008 year unfolds include: • ASPs are expected to rise from $0.97 to $1.15 in 2008. • The company’s 2 Megabit and 4 Megabit parts should begin to show revenue in the 2H2008. • Ramtron’s strong position in digital meters should benefit from continuing strong interest in “green” energy-saving technologies, with strong growth expected in India and China. • Continued focus on automated data collection in the automotive industry plays to the company’s strength in hardened non-volatile memory. Ramtron seems undervalued in our estimation. Over the last 2-3 years, we feel the company has executed admirably in building out its product line, shipping many tens of millions of parts, and establishing a strong secular core revenue and earnings growth rate well above 20%. The result of this work is an emerging stream of profits which should help to bolster these shares in the months ahead. Our rating on Ramtron shares remains BUY.

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