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

To: Donald Wennerstrom who wrote (10968)	8/14/2003 9:00:39 AM
From: Return to Sender	Respond to of 95738

From Briefing.com: Merrill Lynch resumes coverage of Comm ICs Merrill Lynch is resuming coverage of four communications semiconductor names. Firm resumes BRCM and PMCS with Sell ratings and MRVL and AGR.A with Neutrals. With respect to PMCS, firm notes that stock is trading at an EV/Sales ratio of 5.7x, which is about a 40% premium to its peers. Firm's ROOC analysis suggests a mid cycle theoretical fair value of $7.62 and a recovery scenario fair value of $9.30. On BRCM, firm believes co will lose significant mkt share in server chips in 2H04 due to delays in new product introduction. Believes multiple of 44x 2004 earnings is unwarranted given the declining growth prospects and competitive issues. Firm's ROOC model suggests a mid cycle theoretical fair value of $14. ATYT trades up 5.9% on Xbox news; NVDA falls 5.7% SoundView comments from Semiconductor conference SoundView is more bullish on the semiconductor sector this morning based on broadbased recovery themes seen at its semiconductor conference yesterday. Firm now believe that semiconductor investors looking into 2004 have a favorable risk/reward profile and we believe the semiconductor sector will Outperform the broader market. Surprisingly bullish in firm's coverage area were MU, INTC and LSI. Notes that much of the bullishness comes from the companies that have PC and/or consumer seasonal momentum, but nonetheless, more positive body language than firm had expected. Also indicates that wireless commentary was consistently optimistic regarding 2H improvement, with positive wireless commentary from MCRL, SWKS and NSM. TXN Texas Instruments upped to Outperform at SoundView; target (19.32) SoundView upgrading to Outperform from Neutral. Firm is more bullish on the semiconductor sector this morning based on broadbased recovery themes seen at firm's semiconductor conference yesterday. SoundView now believes that semiconductor investors looking into 2004 have a favorable risk/reward profile and that the semiconductor sector will Outperform the broader market. Firm views TXN as the best proxy for a semiconductor industry that is in the process of the mild/gradual recovery. Firm raises price target to $24 from $18. ATYT ATI Tech and Microsoft announce technology development pact for Xbox (12.25) Under the agreement, ATI is developing custom, leading-edge graphics technologies for use in future Xbox products and services. "We selected ATI after reviewing the top graphics technologies in development and determining that ATI's technical vision fits perfectly with the future direction of Xbox," commented Microsoft's SVP of the Home and Entertainment Division. 6:52AM Flextronics acquiring Microcell for $80 mln cash (FLEX) 11.32: Co enters agreement to acquire Microcell Group for approx. $80 mln cash, plus the assumption of approximately $120 mln of net liabilities. Microcell is an original design manufacturer of wireless handset products. finance.yahoo.com

To: Donald Wennerstrom who wrote (10968)	8/14/2003 10:36:22 AM
From: Kirk ©	Read Replies (2) \| Respond to of 95738

Hey, you got the tables columns to align properly! Hip, hip horay! Your tables comparing 2002 to 1997 might have too much time lag to be of great use. UTEK and LRCX, two I own, made major changes in their business models over that period and suffered (or rewarded some of us) with very low prices as they sorted out the mess and abandoned dying or unprofitable business. Other companies have vanished or merged (ASML & SFAM). Still the data is interesting.