The concerns that underpinned our mid-cycle correction thesis are beginning to dissipate, and semiconductor stocks globally are well below their March highs. We would advise investors to begin buying semiconductors more aggressively.
More Quotes from Joe Osha:
At 27 times our 2003 earnings estimate Intel is still expensive relative to its growth prospects and its own history.Joe Osha
The rate of decline for both the flash memory and communications business in the second quarter could be more dramatic than the overall top line, leaving it to the microprocessor business to pick up the slack.
Joe Osha
We think it's likely that the stock will see a short-term rally on relief that the outlook has not deteriorated further, but the absence of bad news does not constitute an argument in support of the stock... we struggle to understand the upbeat consensus outlook for the fourth quarter.
Joe Osha
They have a pretty good idea at this point what they're going to ship.
Joe Osha
I'd be a lot more comfortable with the group at 20 times 2003 earnings.
Joe Osha
In posting the weakest Q4 revenue result and Q1 outlook since the bursting of the bubble, Intel has made it clear how much competitive ground the company has lost to AMD. The extent of the losses has exceeded our expectations.
Joe Osha
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