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Adams Harkness Keeps 'Buy' on Zoran

Adams Harkness reiterates buy on Zoran (ZRAN).

Analyst Robert Adams says he speculates that the second announced delay of Zoran's financial results are related to the licensing business within the recently acquired Oak Technology. He says it's prudent to expect some minor restatement.

However, Adams clearly believes Zoran will be one of the biggest beneficiaries of a digital-TV market ramp in the second half of 2004. While the shares continue to be under pressure in the near term, he believes longer-term investors will benefit from a weakness in the stock. He reiterates his buy rating and $22 target.

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