Yesterday was a bad day for chip stocks based upon Morgan Stanley’s key downgrades in the semiconductor sector. But today is a different day as many major technology companies have been initiated with new coverage at Wachovia. Keep in mind that Wachovia just completed its acquisition of A.G.Edwards and has been making its official coverage and department head transitions this week. This appears to be a part of that transition.
Wachovia’s OUTPERFORM RATINGS: Analog Devices (ADI), Broadcom (BRCM), California Micro (CAMD), Dell (DELL), Hewlett Packard (HPQ), Intel (INTC), Micron (MU), Microsemi (MSCC), Nokia (NOK), Xilinx (XLNX).
Wachovia’s MARKET PERFORM RATINGS: Altera (ALTR), Advanced Microdevices (AMD), IBM (IBM), Motorola (MOT), Qualcomm (QCOM), Sun Microsystems (SUNW), Texas Instruments (TXN).
Jon C. Ogg
October 4, 2007