Friday, December 15, 2006

Wedbush Said Genesis Microchip (GNSS) Biz Will Likely Remain Sluggish in Q1, Sees As Possible Takeover

In a note today on Genesis Microchip (Nasdaq: GNSS) Wedbush Morgan said checks suggest the company's business will likely remain sluggish in Q1 with a near-term snap back in revenues seemingly unlikely. The firm also said even with the low valuation, they remain on the sidelines citing a deteriorating design win picture for 2007, and their concerns about significantly more competition in the DTV chip market in 2007.

The firm does not recommend shorting the stock given that Genesis could be an acquisition target.

The firm maintains their Hold rating and $11 price target.

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