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

To: robert b furman who wrote (11980)	10/7/2003 5:37:22 PM
From: Return to Sender	Respond to of 95390

Semiconductors . . . UBS analyst Thomas Thornhill upgraded Altera to "buy" from "neutral," saying the recent share price decline "has created a buying opportunity." The stock has fallen 23 percent since the Sept. 8 close. Thornhill kept his earnings estimates unchanged, and a his 12-month stock price target at $22. Broadcom started with a Neutral at Fulcrum with a negative bias. Firm questions the sustainability of growth fundamentals of co as Fulcrum expects: a) lower overall growth from its more mature businesses; b) increased competition in most markets; and c) continuous pressure on filling a new product pipeline. Thomas Thornhill at UBS raised Advanced Micro Devices to "neutral" from "reduce" and upped his price target, directing investors to focus more on the company's breakeven target and Athlon 64 units than on processor share losses. "We believe that AMD's flash business is witnessing strong growth this quarter, growing roughly 15 percent quarter-on-quarter organically," Thornhill told clients. At the same time, the company's notebooks are tracking in line with estimates, he said. UBS is raising its third quarter sales forecast to $895 million from a previous $865 million, but sticking with its estimate of a loss per share of 34 cents due to higher costs. The brokerage is raising its price target to $12 from $5. Transmeta started with a Strong Buy at JMP and $5 target. After falling behind Intel and AMD in processor development, firm believes TMTA has restructured and is poised for a turnaround sparked by its new Efficeon mobile PC processor, which could potentially gain 5% market share in the 50-mln unit mobile PC market by 2005, yielding about $200 million in sales given a $75 ASP. Meanwhile, TMTA's flagship Crusoe processor should continue to ramp in embedded/thin client applications. B. Riley says that yesterday's U.S. Supreme Court "Infineon vs Rambus" ruling was important for a number of reasons: 1) court cleared RMBS of fraudulent conduct at JEDEC; 2) court upheld the CAFC's Markman, which firm believes gives RMBS the clearly superior hand in its forthcoming infringement trials (firm expects this to be applied to MU and Hynix litigation as well); 3) court remanded the infringement case back to Virginia with a new, broadly construed Markman claims construction; and 4) court condemned the JEDEC standards setting body's patent disclosure policy as comprising a "staggering lack of defining details." Maintains Buy rating and establishes $37.50 target. RobBlack.com MarketWrap robblack.com