Whoops, my bad. I was expecting to see the Wedbush banner on the first page of the report, but instead got that internal memo so I thought they'd submitted the wrong document. In fact, the report was on the subsequent pages.
Nothing earth-shattering in the report. Key points were impending completion of the merger, anticipation of strong V3 demand, support for the new business model under the merged company and general belief that shares are undervalued. Their price target is 21. They report current P/E as 17x forward earnings but think the company deserves 24-25x which would bring them in line with competitors. They also say "it would not surprise us to see several major OEM design wins in the next two quarters." (Actually, "several" was underlined, not bolded, but I couldn't figure out how to show that.) They didn't change their FY99 estimate of 0.84, but said they will release a revised model after the merger is finalized.
"Not afraid to post on an UP day" Piranha |
