Zacks Analyst Interview Highlights: Skyworks Solutions, Altera and Xilinx

Business Wire, August 21, 2008

CHICAGO -- Zacks.com releases the latest Analyst Interview. Today's interview is with senior analyst Abdul Saleh , who discusses Skyworks Solutions (Nasdaq: SWKS), Altera (Nasdaq: ALTR) and Xilinx (Nasdaq: XLNX).

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Tell us something about a few of the Buy-rated companies you cover.

OK, we can start with Skyworks Solutions (Nasdaq: SWKS). The company is a leading supplier to top handset manufacturers for some of the world's largest telecommunications firms. Because of its radio frequency (RF) expertise and manufacturing prowess, the company continues to secure design wins with new and existing customers. The stock has come under some pressure lately, which in my opinion may be short-term. We believe in the longer term growth thesis for the company.

Skyworks' strategy of providing integrated solutions is helping it gain market share at leading original equipment manufacturers (OEMs). Also, the increasing dollar content per handset is offsetting price pressure. The trend towards wireless handsets with greater functionality favors the company's business model. Two other Buy-rated semi companies are closely aligned. In fact, they are competitors of one another.

We believe Altera (Nasdaq: ALTR) is a play on the secular trend of programmable logic devices (PLDs) replacing application-specific integrated circuit devices (ASICs). The hallmark of a PLD is its flexibility. When designs have to be altered, they can be re-programmed and brought to market faster. Changes can be made even when the devices are in the field. In the long run, PLDs are expected to replace ASICs, providing a strong opportunity for future growth.

Similarly, Xilinx (Nasdaq: XLNX) is also a play on PLDs replacing ASICs. Engineers typically use ASICs for high volume but low-cost applications. The high cost of developing an ASIC can be spread out over the large number of relatively cheap units. But PLDs do not have high development costs.

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