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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Snowman who wrote (10692)	7/23/2003 8:02:45 PM
From: Return to Sender	Read Replies (1) \| Respond to of 95487

Semiconductor Equipment . . . DuPont Photomasks reported a fiscal fourth-quarter net loss of $59.1 million, or $3.27 a share, versus a profit of 10 cents a share in the same period a year ago. Included in the results are total asset impairment and severance charges of $47.6 million, and a $3.6 million tax benefit for its decision to carry back allowable losses in Europe. Revenue for the quarter ending June fell 13 percent to $81.8 million, topping the average analyst forecast of $80.5 million. Teradyne was upgraded at Wells Fargo to Buy from Hold. The upgrade is based on their belief that the companyshould continue to see nice upticks in semi-test orders through 2H03 and in 2004, driven by demand for high-end SOC test systems and the return of capacity-oriented orders. Target is $24. Semiconductors . . . Agere Systems reported a fiscal third quarter net loss of $78 million, or a nickel a share, narrower than the $332 million, or 20 cents a share it lost in the same period a year ago. Excluding non-recurring items, the loss was 4 cents a share, matching the average analyst forecast. Revenue for the quarter ending June fell 8.4 percent to $456 million. The provider of integrated circuits for wireless data lowered its revenue forecast for the full fiscal year 2003 to $1.81 billion to $1.83 billion from $1.85 billion. Deutsche Bank raised its global DRAM average selling price forecasts for the second half of the year "on the basis of slightly better PC demand, low DRAM inventories as well as relative supply tightness." It raised its blended DRAM contract pricing forecasts to $4.85 from $4.30 for the third quarter and to $5.25 from $5.00 for the fourth quarter. "We see further upside to DRAM shares near term," it said. Deutsche raised its price target for Infineon Technology to 13 euro from 12 euro and Micron Technology to $19 from $17. NVIDIA has adopted Artisan Components design platform including its advanced memory products for NVIDIA's 130- and 90-nanometer designs. Soundview upgraded Micron to Outperform from Neutral. The firm is saying a seasonal inventory build in consumer should lead to a 6-8 week window where DRAM pricing will likely continue to rise; also, firm thinks analysts appear to be late in accounting for MU's flirtation with profitability in the current quarter. The firm raised target to $21 from $9. CIBC believes Broadcom's recent run and premium multiples may prove to be unsustainable as quarterly growth rates return to single digits. Looking out to 2004, firm thinks co will face investor skepticism as competition heats up in its end markets. Fahnestock is cautious on Broadcom due to slowing revenue growth from its wireless businesses and potential market share loss to Intel in its ServerWorks business (20% of revenues). In addition, the analyst cites concerns over mganagment's decision in 2nd quarter to write off all goodwill associated with ServerWorks acquisition as another caveat in the story. Transmeta upped to Accumulate at PacificAmerican based on view that company's next-generation TM8000 processor and additional embedded-system opportunities for their current-generation TM5800 processor will provide new market opportunities for the company. Believes that these combined opportunities could go a long way to reducing the company's cash-burn rate in 2004. RobBlack.com MarketWrap robblack.com