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

To: Gottfried who wrote (12949)	1/7/2004 9:45:26 AM
From: Return to Sender	Respond to of 95420

From Briefing.com: MRVL: Supplier pact with Dell a major milestone -- Pac Growth (40.35 +0.17) Pacific Growth says that yesterday Dell introduced its new GigE switch box, the PowerConnect 2600 product line. Firm believes that Marvell Tech (MRVL) is the sole supplier of switch chip for 2600, and has commenced the shipment of Prestera switch chip to Dell. Pacific Growth views this as a significant milestone for MRVL in the GigE switch market and reiterates its Over Weight rating on stock. APTI started with a Buy at AG Edwards (11.21 ) AG Edwards initiates coverage of Advanced Power with a Buy rating and $15 target; firm says the co is well-positioned to address global demand for higher power and higher frequency semiconductors, key acquisitions in the RF area have expanded APTI's mkt opportunity and enabled the co to gain share, and the co has significant earnings leverage. Semiconductor Channel Checks -- Legg Mason Legg Mason says that Synnex, one of Asia's largest distributors and IT service companies, posted solid results for December and fourth quarter. Co's sales up 18% sequentially in Dec and up 2% q/q. Co's performance primarily attributed to strength in PC and cell phone markets. Firm believes results speak well for health of the component supply chain. Believes most chip suppliers will be looking at somewhat stronger than seasonally typical first quarter, after also posting a strong holiday performance. BRCM Broadcom set-top box chips certified to support NDS Group technology (35.33 ) 8:29AM INTC upgraded at Bernstein 32.90: Bernstein upgrades Intel to Outperform from Mkt Perform based on their belief that above-normal seasonal rev during 1H04 is increasingly possible, and that further gross margin expansion resulting from cost savings is not entirely discounted. Also, given the relative weakness of semi stocks over the past month, firm believes that now is a good entry point to move to an overweight position. Raises their 2004 est to $1.27 from $1.20, vs consensus of $1.24. Target is $42. 8:16AM Pixelworks raises Q4 outlook (PXLW) 11.95: Now sees EPS of approximately $0.09, up from previous company guidance of $0.06-0.07, Reuters consensus is $0.06. PXLW now sees revenues of approx $40.5 mln, up from previous company guidance of $37-38.5 mln, Reuters consensus is $36.9 mln. 8:14AM Diodes Inc raises Q4 outlook (DIOD) 20.75: Sees EPS up approx 20% from $0.18 reported in Q3, equates to $0.22 per share, First Call consensus is $0.18, revenues up 10% from $34.9 mln reported in Q3, or $38.4 mln, First Call consensus is $35.1 mln (single analyst). 8:14AM MKSI cut to Sell at BofA 29.86: Banc of America downgrades MKS Instruments to Sell from Neutral, saying they cannot get to an earnings est for the co that will support the current stock price; firm says segments of the co's business (mass flow controllers, pressure valves) are now commodities, and they think mgmt's goal of mid-20's operating margins is too optimistic. Firm thinks the current recovery in the semi-cap group revs will peak in 2H04, bookings in 1H04, and order momentum for customers such as Applied Materials could stall by mid-2004, yet avg first call estimates have revenue and EPS accelerating into 2005. Raises target to $18 from $13.50. 8:10AM M-Systems and Samsung ink license pact (FLSH) 18.75: Co and Samsung Electronics enter into a cooperation agreement. M-Systems has granted a license to its patents to Samsung for licensing fees and a certain allocation of NAND flash memory at favorable terms. 7:54AM Infineon enters flash memory market (IFX) 14.50: -- Update -- Co launcheds the world's first NAND compatible flash chip based on TwinFlash technology. Initial production of the 512Mbit flash chip has started in Infineon's 200mm DRAM Dresden facility. Infineon has expanded its memory product portfolio significantly by including flash and can now allocate its memory production capacities flexibly between DRAM and flash. 7:53AM LEXR: Watch for potential upside in reaction to SNDK est increase : 7:49AM SNDK estimates raised above consensus at TWP 64.34: Thomas Weisel raises estimates on Sandisk Corp based strong holiday sales of flash cards, and a healthy supply/demand outlook for 2004. Firm's Q4 EPS est goes to $0.88 from $0.71 (Reuters consensus $0.73) and rev est to $378 mln from $352 mln (consensus $345.1 mln). Firm raises FY04 outlook to $2.85 from $2.50 (consensus $2.52). Firm also says that checks suggest that Q4 was exceptional, with potentially unfulfilled demand driving better than typical seasonality in 1Q 7:39AM Wireless Infrastructure sector upgraded at Morgan Stanley : Morgan Stanley upgrades its industry view on the Wireless Infrastructure sector to In-Line from Cautious. The firm believes the RF footprint can provide intermediate and longer-term growth opportunities for investors based on improving network coverage and quality via modest but effective hardware investment by wireless carriers. The firm is not raising its view to Attractive because pricing will remain a difficult issue in this industry, and its global wireless capex estimates may not provide a true long-term growth stimulus. 7:30AM PWAV upgraded at Morgan Stanley 8.46: Morgan Stanley upgrades Powerwave to Overweight from Equal Weight with an $11 price target based on attractive valuation and a discount to comps based on 2004 price-to-sales. The firm expects accretive earnings, an improved position within the RFfootprint, and diversified customer concentration risk pending the acquisition of LGP Allgon (expected by the end of 1Q04). 7:19AM ISSX downgraded at CSFB 20.55: CSFB downgrades Internet Security to Neutral from Outperform based on valuation, but raises their target to $22 from $18; also, while Proventia A has experienced success since its introduction and early data points on Proventia G and M have been positive, firm is concerned longer-term that the lack of a proprietary ASIC architecture will make it difficult to differentiate the appliances from a performance perspective. 7:11AM NOK upgraded at JP Morgan 17.49: JP Morgan upgrades Nokia to to Overweight from Neutral; firm expects improved mkt share performance in Europe during Q4, driven by a more compelling product offering as well as supply constraints with the co's peers; also, competitive momentum appears strong in both the US and China, NOK's change in divisional reporting from Q1 2004 should give greater visibility both to the high profitability of the core business and the development of new rev streams, and valuation looks attractive. finance.yahoo.com

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