Wedbush Morgan Ups Microsemi to Buy
Wedbush Morgan upgraded Microsemi (MSCC) to buy from hold, explaining that the company is winning market share.
Analyst Craig Berger says Microsemi is winning market share in notebook CCFL inverter chips. In addition to winning some notebook share, he likes the growth prospects for Liquid Crystal Display products as volumes should double in 2006. He thinks healthy semiconductor demand and tight industry supply will increase the likelihood of successful chip price hikes this fall. He notes his concern regarding excess medical device inventory easing, following strong shipments from key customers. He sees $1.08 fiscal year 2006 (ending September) earnings per share (EPS) and $1.43 in fiscal year 2007. He raises his $30 stock price target to $36.
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