I'd be a lot more comfortable with the group at 20 times 2003 earnings.
More Quotes from 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
What we see happening is a bottoming to the rate of change in the semiconductor business, which has been negative and less capacity being added by the fourth quarter, which is also good. So, although companies themselves are still very conservative we think that the worst is past in terms of the downturn here.
Joe Osha
At 27 times our 2003 earnings estimate Intel is still expensive relative to its growth prospects and its own history.
Joe Osha
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.
Joe Osha
They have a pretty good idea at this point what they're going to ship.
Joe Osha
The reason I am positive on the stock right now is the fact they are pushing into servers, workstations -- the things that are being driven by growth in the Internet. That is a big market that Intel can dominate, I think, pretty quickly.
Joe Osha
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