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Stephens Starts Coverage on NVE Corp.

Stephens initiated coverage on NVE Corp. (NVEC).

Analyst Marcus Mainord says there's a race underway to see who can bring to market Magnetic Random Access Memory (MRAM), which many think could render existing memories like DRAM, SRAM, and Flash obsolete. Mainord says NVE has 19 MRAM patents for which it hopes to license to MRAM developers and makers in return for royalty payments.

He doesn't expect much earnings growth in fiscal 2005 (March) as the company expands R&D, but he sees expansion in fiscal 2006 on product sales and license fees. He sees 42 cents fiscal 2005 earnings per share on $13.1 million in revenues, and 77 cents fiscal 2006 earnings per share on $20.7 million in revenues. He does not have a rating or target.

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