Although one could argue that Analog Devices' upbeat outlook merits raising the number even further, we would prefer to wait and see how growth shapes up over the year as Analog Devices catches up with its backlog and the current feeding frenzy for Analog Devices products dissipates.
More Quotes from Joe Osha:
We wrote last November that Sony's design choices for the PS3 had resulted in an expensive and difficult-to-manufacture product, and we think that we're seeing the consequences of those choices play out now.Joe Osha
We think that the most interesting potential for National lies in the wireless market, where the company has the potential to substantially increase its revenue per phone.
Joe Osha
Just because Intel has faltered does not mean the company is now incapable of executing.
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
We've seen investment in capacity go up quite a bit and we had a scare this summer with wireless. So you can make a case that the business is in trouble. We try to focus on slightly longer-term fundamentals. The relationship between spending and revenue in this business is still reasonable. Visibility is still good. Pricing is good. Let's not forget, wireless handset demand is growing 50 percent over year-on-year. So with stocks down a bit and the fundamentals still solid, we though it was time to declare the mid-cycle correction over.
Joe Osha
Given the challenges Intel faces currently with its business model, we think the stock needs to trade on a lower multiple of 2003 earnings to be attractive.
Joe Osha
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