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Technology Stocks : Semi Equipment Analysis

SOXX 299.81

+2.7%

Dec 19 4:00 PM EST

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To: Woody_Nickels who wrote (43753)	3/16/2009 12:02:17 PM
From: Donald Wennerstrom	1 Recommendation Read Replies (1) of 95616

Intel Upgraded on Expectation of Industry Trough by: Eric Savitz March 16, 2009 Caris & Co.’s Betsy Van Hees Monday morning upped her rating on Intel (INTC) to Buy from Below Average, increasing her price target on the stock to $18, from $11.50, on the theory that “the semiconductor industry is close to the bottom of a grueling downturn.” Van Hees writes that she is encouraged that “there have been few cancellations and push outs to March backlog and for the most part inventory rationalization appears to have peaked as checks indicate the PC supply chain is may be on the other side of its severe inventory correction.” She thinks Intel’s utilization rate should improve int he second half, driven by “moderate improvement” in PC demand. “Even though visibility on end-market demand continues to remain limited, we believe at this level the risk/reward is compelling and we recommend investors’ buy shares due to Intel’s strong cash flow, balance sheet, improving gross margin from transition to 32 nm and upcoming product cycles.” Intel Monday morning is off 19 cents, or 1.3%, to $14.51. seekingalpha.com

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