Nomura Securities on U.S. Semiconductors

Nomura Securities on U.S. Semiconductors by analyst Shah

Shah said, "We preview August earnings. We have maintained a cautious stance on the U.S. semis sector this year due to weak electronics demand and rising inventories. While we expect estimate cuts across the board in August, we believe Nvidia (Nasdaq: NVDA) (Neutral) could emerge as an interesting name for 2H11 on the heels of a new product cycle ramp (Tegra 3) and a Microsoft Windows (Nasdaq: MSFT) event in September. The stock trades at 1.3x EV/sales vs. a 12-month low of 1.0x. Other names in the preview include Analog Devices (NYSE: ADI) (Reduce), Marvell (Nasdaq: MRVL) (Neutral) and Avago (Nasdaq: AVGO)(Neutral)."

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