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1、TechnologyIndustryOverviewEquity
2、UnitedStates
3、Technology17December20132014-Theyearahead:InnovationnationUSTechnologyResearchTeamMLPF&SVivekArya+16468551755TopinnovationthemesandpicksfortheyearaheadResearchAnalystInnovationacrosshardware,softwareandmobilitywilldrivethetechnologysectorinMLPF&S20
4、14.TheBofAMLTechnologyteamhasselectedthreethemes–innovativevivek.arya@baml.comhardware,thesocial/mobileconsumer,andcloudcollaboration-and17stocks,TalLiani+16468555107ResearchAnalystexpectedtogrowsalesby18%andEPSatamedian21%YoYfor2014,nearly2-MLPF&S3xfasterthanthebroadermarket.Thetechsectorisamo
5、ngthetopthreeforthetal.liani@baml.comyearahead,alongwithindustrialsandenergy,selectedbytheBofAMLstrategyScottD.Craig,CFA+16468552685team,asittradesatthesteepestdiscounttohistory,hasthecleanestbalanceResearchAnalystMLPF&Ssheets(theonlysectorwithmorecashthandebt),hasthehighestforeignexposure,scot
6、t.d.craig@baml.comisbuyingbackthemoststock,andisgrowingitsdividendsthefastest.IthasSaraGubins+16468551961historicallyoutperformedallothersectorswheninterestratesrise.ResearchAnalystMLPF&SInnovatingtobreakoutofthedemandfunkinhardwaresara.gubins@baml.comConcernsofhighpenetrationratesdrivingslower
7、unitgrowth,hardwareWamsiMohan+16468553854commoditizationandshifttopricesensitiveemergingmarketsareanoverhangforResearchAnalystMLPF&Sthebroaderhardwaresuppliers.Howeverseveraltechcompaniesarecomingtowamsi.mohan@baml.commarketwithinnovative,low-cost,secure,anddisruptiveproducts.3DprintingJustinPo
8、st+14156763547companies(DDD,SSYS)arechanginghowproductsaredesignedandResearchAnalystmanufactured.Autosuppliers(NXPI,ADI,LLTC,ST)aredrivinganewgenerationMLPF&Sjustin.post@baml.comoffuel-efficient,safer,andconnectedcars.Insemiconductors,equipmentsuppliersKashRangan+14156763540(KLAC,LRCX)and3Dtran
9、sistormakers(INTC)aredriving2ximprovementsinResearchAnalystperformanceandenergyefficiency,andarepoisedtomakea24-hourcomputingMLPF&Sdevicesarealitywithin2-3years.Withcellularspectrumbecomingcrowdedandkash.rangan@baml.comdispersed,s
