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Analysts weigh in on Semicon 2010

Posted: 13 Jul 2010 ?? ?Print Version ?Bookmark and Share

Keywords:fab tool market? OLED? IC manufacturing? DRAM?

"Given what we've heard about persistently tight capacity, I continue to believe Applied Materials (AMAT), the number one player in the fabrication equipment business, will see strong demand going forward. I continue to believe AMAT is selling below what I view as a fair valuation and think there is a very good chance the company will guide above expectations when it reports the results for its July ending quarter," according to Paul McWilliams, an analyst with Next Inning, on Applied Materials Inc.

General IC, systems segments
"While we hear of some 'choppiness' in desktop PCs, netbooks, and mainstream handsets, we hear of offsetting strength in smart phones, wireline communications, industrial and automotive applications, and tablets. While some 'choppiness' is macro related and some is seasonally driven, we believe global electronics demand remains fairly robust with the world's electronics consumption back to, or possibly better than, pre-recession levels in mid-2008," said Craig Berger, an analyst with FBR, on state of the IC industry.

"Ahead of Linear's calendar Q2 earnings, we feel it is prudent to raise our estimates and alter seasonality due to the very successful launch and subsequent sell-through of Apple's iPad. We are raising our FY11 (June 2011) revenue and pro forma EPS, solely to reflect our expectation of ongoing robust sales for the Apple iPad," said Doug Freedman, analyst from Gleacher & Co., on analog, iPad and Linear Technology Corp.

"Linear's provides several ICs, including a DC/DC converter priced around $4 in low volume, which likely sells-in to Apple ODMs for roughly $1.50. Our Apple analyst, currently expects (iPad) shipments of 12 million and 20 million units in CY10 and CY11, respectively," Freedman said.

"Xilinx and Altera are scheduled to report their quarterly earnings after the market close on July 21 and 20, respectively. We expect EPS beats and slight raises, with revenue guidance close to seasonal growth rates (up 0-2 percent) after an above-seasonal C1H," Ian Ing, an analyst with Gleacher & Co., commented on the PLD market.

"We believe a prolonged, multiquarter global communications infrastructure spend and remaining replenishment at distributor customers is enough to offset holidays/macro uncertainty in Europe. In the near-term, we favor Xilinx as its ongoing supply constraints help reduce over-shipment concerns and its exposure to India 3G and Europe/North America 4G deployments is favorable through European OEMs," Ing said.

Commenting on OLED shortage, Vinita Jakhanwal, principal analyst for small and medium displays at iSuppli, said, "Starting with the Nexus One introduced in January, Android-based smart phones have aggressively adopted high-quality AMOLED displays as a competitive differentiator against the advanced-technology AMLCD screen used in the iPhone. However, rising demandcombined with a limited supply basehas led to the constrained availability of AMOLEDs."

On the other hand, Rodman & Renshaw analyst Ashok Kumar, had this to say on Apple and PC market: "Yin and Yang: Increasing strength in Apple food chain while PC supply chain shows continued weakness."

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