Barclays on Tech: Bottom Reached, Now Focus on Rate of Recovery
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Rating Summary:
26 Buy, 31 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Barclays on Technology: Still More Potential Upside for MU, but Elpida Resolution Could Take Time
Analyst, C.J. Muse, said, "A bottom has been reached, with focus now entirely on the rate of recovery. Considering our more gradual growth outlook for 2012, we point investors to stock selection and relative valuation as we see SOX largely range-bound between $400-$450 until we gain clarity on 2H outlook and/or confidence on 2013. In SPE, we note that we are seeing increasing interest given pullback (SPE first to breakdown in recent downtick for Semis) and likely upside to TSMC capex. Our top picks remain QUALCOMM (Nasdaq: QCOM) (mobility/silicon integration), Broadcom (Nasdaq: BRCM) (NETL/802.11ac/10GigE), Micron (NYSE: MU) (DRAM consolidation/ underappreciated NAND), and Altera (Nasdaq: ALTR) (reversion to mean/PLD outpacing semis/40nm/28nm leadership) in semis and Teradyne (NYSE: TER) (Mobility/Valuation), and ASML (Nasdaq: ASML) / Cymer (Nasdaq: CYMI) (EUV/Rising Litho Intensity/Intel (Nasdaq: INTC) pickup in 2H12) in SPE."
Catalysts This Week: Focus turns to earnings report from MU as well as reports from software leader Oracle (Nasdaq: ORCL), comm. player China Telecom (NYSE: CHA), and EMS supplier Jabil (Nasdaq: JBL).
Analyst, C.J. Muse, said, "A bottom has been reached, with focus now entirely on the rate of recovery. Considering our more gradual growth outlook for 2012, we point investors to stock selection and relative valuation as we see SOX largely range-bound between $400-$450 until we gain clarity on 2H outlook and/or confidence on 2013. In SPE, we note that we are seeing increasing interest given pullback (SPE first to breakdown in recent downtick for Semis) and likely upside to TSMC capex. Our top picks remain QUALCOMM (Nasdaq: QCOM) (mobility/silicon integration), Broadcom (Nasdaq: BRCM) (NETL/802.11ac/10GigE), Micron (NYSE: MU) (DRAM consolidation/ underappreciated NAND), and Altera (Nasdaq: ALTR) (reversion to mean/PLD outpacing semis/40nm/28nm leadership) in semis and Teradyne (NYSE: TER) (Mobility/Valuation), and ASML (Nasdaq: ASML) / Cymer (Nasdaq: CYMI) (EUV/Rising Litho Intensity/Intel (Nasdaq: INTC) pickup in 2H12) in SPE."
Catalysts This Week: Focus turns to earnings report from MU as well as reports from software leader Oracle (Nasdaq: ORCL), comm. player China Telecom (NYSE: CHA), and EMS supplier Jabil (Nasdaq: JBL).
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