Coverage of Analog and Mixed-Signal Semiconductor Device Sector
Analyst Initiates Coverage of MXIM, ICST and OIIM With Outperform Ratings
SAN FRANCISCO, June 4 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
today initiates coverage of the analog and mixed-signal semiconductor device
sector by commencing coverage of Maxim Integrated Products, Inc. (MXIM--
$42.97, #) and Integrated Circuit Systems, Inc. (ICST--$19.40, #) with
Outperform ratings. In addition, Svanberg assumes coverage of O2Micro
International Limited (OIIM--$13.40, #@) with an Outperform rating.
Senior Analog and Mixed-Signal Semiconductor Device Analyst Tore Svanberg
believes the industry is at the early stages of a recovery, although
uncertainty in end-market demand prevails. Therefore,
we seek to identify
names that have less exposure to the macro economic environment and sell into
markets that are growing, said Svanberg.
Maxim Integrated Products, Inc. is a vendor of high-performance analog and
mixed-signal integrated circuits (ICs) to multiple end-markets worldwide. The
company's 3,000-plus products are used in a wide range of microprocessor-based
electronic applications, including personal computers (PCs), consumer
portables, wireless and wireline communications and networking gear,
instrumentation, process control and fiber-based telecom equipment.
We believe Maxim is currently the leading large-cap vendor of analog and
mixed-signal semiconductors to multiple end-markets, said Svanberg.
a highly experienced management team, we believe Maxim's technical innovation,
product definition, quality and service are among the highest in the industry.
This, in turn, allows the company to maintain strong relationships with its
customers and maintain a highly profitable business model.
Integrated Circuit Systems is a pure-play vendor of silicon timing ICs to
multiple end-markets worldwide. The company's products are used in a wide
range of timing-based electronic applications within the computing,
communications and consumer end-markets.
In our opinion, Integrated Circuit Systems (ICS) is today's leading
vendor of silicon timing integrated circuits to diversified computing,
consumer and communications applications, said Svanberg.
The company has
established an attractive business model that we believe has the opportunity
to sustain 20-plus percent growth over the next couple of years. More
importantly, ICS has developed among the most profitable businesses in the
entire mixed-signal semiconductor industry.
O2Micro is a semiconductor supplier of power management and security
components to multiple computing, portable and display applications worldwide.
The company's products include smart power ICs, Cold Cathode Fluorescent Lamp
(CCFL) inverters, smart cardbus controllers and intelligent disc jockey (DJ)
devices that lengthen battery operating time, increase efficiency output and
O2Micro continues to outperform the overall analog and mixed-signal
market by delivering differentiated power management and security solutions to
growing markets such as notebook PCs, flat panel displays and smart card
applications, said Svanberg.
The company has consistently delivered gross
margins above 60 percent over the last two years, an achievement that we
believe is sustainable in the near-term. More importantly, we believe its
operating margins will move into the 20-to-30 percent range as revenue growth
outpace operating expenses going forward.
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SOURCE U.S. Bancorp Piper Jaffray
/CONTACT: Dana H. Wade, Public Relations, +1-650-838-1329, or Erin
Freeman, Director of Public Relations, +1-415-277-1595, both of U.S. Bancorp
/Web site: http://www.piperjaffray.com /
(USB MXIM ICST OIIM)
CO: U.S. Bancorp Piper Jaffray; Maxim Integrated Products, Inc.; Integrated
Circuit Systems, Inc.; O2Micro International Limited
ST: New York, Minnesota, California
IN: FIN CPR
-- MNTU014 --
0798 06/04/2002 11:36 EDT http://www.prnewswire.com