WiseOne- I guess LEH got a "heads up" on NSM and INTC
Merrill on that call - 9 Aug (NSM) Reit 2-9 We now believe that August 2004 quarter revenues should decline by 5% sequentially - slightly worse than seasonally normal - to be followed by flat sequential revenue in the November quarter. Our earnings estimates for National decline from $1.33 to $1.02 for FY05, and from $1.52 to $1.02 for FY06 as well.
SBC- Got called early- 29June (NSM) Downgrade From Buy To Hold We are downgrading NSM to a Hold from Buy for the following two reasons. 1) Channel checks point to a continued slowdown in NSM`s bookings particularly within the distribution channel. 2) Although NSM`s valuation remains appealing (P/E 12x CY05), we believe cyclical valuation contraction risk for the entire analog group should leave the co`s share price range bound near term. Based on NSM-specific bookings and industry-related cyclical concerns discussed above, we arrive at a P/T of $17 fr/ $27 for NSM (11x CY05 EPS ex cash).
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