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Here are highlights from Monday's Analyst Blog:
Lattice Targets FPGA Growth
Revenue growth for Lattice Semiconductor (NASDAQ: LSCC | Quote | Chart | News | PowerRating) was poised to take off in 2009, as new design wins were expected to convert. However, the recession completely changed the scenario, with the company seeing lower backlog and turns. However, the product line is much improved, and management focus has shifted to generating revenue and profits.
According to data submitted by the World Semiconductor Trade Statistics (WSTS), semiconductor sales were $248.6 billion in 2008, down -2.8% from 2007 levels. The SIA expects semiconductor sales to decline again in 2009 by around -5.6%.
Earnings Follow Orders - Down!
Moog Inc. (NYSE: MOG.A | Quote | Chart | News | PowerRating) lowered its expectations for fiscal year 2009 to sales of ~ $1.85 billion and EPS in a range of $1.75 to $2.15. Previous guidance was for sales of $1.988 billion - which included $41 million from recent acquisitions - and EPS of $2.80. Restructuring charges account for some 25c of reduced earnings, mostly in the second half of the fiscal year.
Incoming orders for some product lines within Moog's Industrial Systems segment have dropped dramatically: Plastics -- down 77%; Metal Forming -- down 60%; Steel Mills -- down 60%; and Simulators - down 28%. Together, these product lines accounted for $251 million of fiscal 2008 sales.
CuraGen Caught in the Middle
Recently, CuraGen Corp. (NASDAQ: CRGN | Quote | Chart | News | PowerRating) declared that it is undertaking a review of a broad range of strategic alternatives to enhance shareholder value.
The company revealed that these alternatives may range from selling or licensing CR011, the company's lead drug candidate, to acquiring additional assets or business lines, to selling the company. CuraGen will retain an investment bank to assist the Board with its strategic review.
AstraZeneca a Hold for Now
We currently rate shares of AstraZeneca plc (NYSE: AZN | Quote | Chart | News | PowerRating) a Hold with a $38 price target. The company is facing a number of challenges as it enters 2009, most notably generic competition to Toprol-XL, Nexium, Casodex and Pulmicort.
The just-announced increase to the cost-cutting program will aid EPS in the near-term, but we do not believe this will be enough to compensate for continued revenue deterioration beyond 2010. Atacand and Arimidex will both be subject to generic competition in 2010, then Seroquel and Symbicort lose U.S. patent protection in 2011 and 2012, respectively. This puts significantly more pressure on the company to commercialize its late-stage pipeline.
Micromet May Have Strong BiTE
Micromet Inc. (NASDAQ: MITI | Quote | Chart | News | PowerRating) last week announced the publication of data in the peer-reviewed Journal of Immunotherapy demonstrating the potent anti-tumor activity of a BiTE antibody binding to carcinoembryonic antigen and to CD3 on T cells. The new study shows that novel BiTE antibodies have strong activity against CEA-expressing cancer cells in vitro and in animals, even in the presence of high levels of soluble CEA.
Micromet and MedImmune are jointly developing MT111/MEDI-565, a CEA-specific BiTE, which is currently in pre-clinical development.
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