Lower TP(Target Price) to factor in 2009 earnings
Lower TP to factor in 09E earnings decline despite capex discipline
With LED oversupply concerns in 2009, we project 2009E gross margin of Epistar could retreat to 21.1% from the estimated 23.2% in 2008. Similarly we project Everlight’s 2009E gross margin could decline to
25.3% from the estimated 27% in 2008.