Piper Jaffray Upgrades Volterra Semiconductor (VLTR) to Buy
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Piper Jaffray upgrades Volterra Semiconductor (Nasdaq: VLTR) from Neutral to Buy on valuation.
Piper analyst says, "We estimate that Volterra's server revenue will be $75 million in 2009, up 13% YoY, after growing an estimated 21% in 2008. Intel is expected to launch its new server platform in Q109 and this new product cycle should drive content per server and market share for VLTR. In a more normal economic environment, we would expect a new Intel server platform to drive server revenue growth in the 25% range YoY for VLTR. We estimate that notebook revenue to be $16.6 million in CY09, up 56% YoY. While this looks like a big increase YoY, notebook revenue in Q3 was $4 million, up from $1.7 million in the prior quarter...We believe that VLTR has penetrated more mainstream graphics cards but it is likely to lose some of its market share to its low-end competitor."
Volterra Semiconductor Corporation designs, develops and markets, high-performance analog and mixed-signal power management semiconductors for the computing, storage, networking and consumer markets.
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