From Briefing.com......

<<08:06 FBR previews semiconductor outlook for '09; firm sees valuation attractive in intermediate-term

With the SOX now trading at roughly 210, Friedman Billings thinks risk/reward is attractive for intermediate-term investors, though stocks will likely sell off from current levels before potentially moving higher later this spring or summer. They believe a fundamental bottom will form in 1H09 for chip suppliers, and that customers will replenish component and device inventories sometime this summer, in their opinion providing an industry catalyst in 2H09. They forecast 2009 shipments to decline --16% year over year, which assumes a worse-than-seasonal decline in 1Q09, a seasonally normal 2Q09, and then better-than-seasonal shipments in 3Q09 as they believe business sees a 'snapback'. They believe chips stocks are trading reasonably close to a bottom, and in their opinion there are some good opportunities for meaningful capital appreciation in the coming year. Their preferred longs, in order of preference, include ONNN, MRVL, MSCC, SLAB, IRF, BRCM, FCS, and ATML; they think LLTC and MXIM will underperform.>>..........Take note where 'IRF' is in their outlook!...

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