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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

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Dec 5 4:00 PM EST

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To: Donald Wennerstrom who wrote (43390)	2/13/2009 12:45:08 PM
From: Donald Wennerstrom	2 Recommendations Read Replies (1) of 95531

February 13, 2009, 11:45 am Marvell: ThinkEquity Launches With Buy Rating Posted by Eric Savitz ThinkEquity chip analyst Vijay Rakesh this morning launched coverage of Marvell Technology (MRVL) with a Buy rating and a $10 price target. He contends that the company’s storage component business will benefit from increasing share in the high-margin enterprise segment. He also contends that market share shift among the hard drive vendors is benefiting Marvell’s customer base, especially in the 2.5 inch mobile drive market. Rakesh says industry wide hard-drive growth should continue at about 10% a year, but that Marvell should grow its storage business 18%-20% a year as its largest customers gain share and more units move from desktops to notebooks. He also sees 15%-18% growth in the company’s wireless business, as it gains traction in the 802.11n WiFi segment. In short, Rakesh contends the stock is undervalued. Rakesh also started coverage of Maxim Integrated Products (MXIM) with an Accumulate rating and a $14 price target. “With the restatement of financials completed, the re-listing of MXIM stock on the Nasdaq, the announced $750 million stock repurchase plan and cost-cutting initiatives in place, we believe that Maxim can now focus onthe future and that it will be well-positioned to be a leader in the high-performance analog space as we emerge from the global recession,” he writes.

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