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Technology Stocks : ASML Holding NV -- Ignore unavailable to you. Want to Upgrade?

To: niek who wrote (1252)	10/12/2006 10:24:24 AM
From: niek	Read Replies (1) \| Respond to of 43381

European chips initiated by JP Morgan, prefers Infineon, STM, ASML 12-October-2006 07:13:54 In an 80 page note, the broker said it believes the inventory correction we are in will be mild, and that growth should return by the end of the second quarter of 2007. JP Morgan noted however, that some semi-stocks already discount some 2007 improvement and it is therefore most bullish on those that remain undervalued relative to their peers or have a catalyst to re-rate. Overall, it feels that the potential upside could be limited for some and cautioned that it is likely to be a stock-picking environment as opposed to one where one picks the most cyclical plays for most upside. It told clients that it has started Infineon, STMicro and ASML as \'overweight\', while ARM Holdings and CSR have been initiated as \'underweight\', with respective targets of 100 pence and 650 pence.