Oppenheimer Previews Telecommunications, Media and Technology Conference (MSFT)

Oppenheimer & Co. has written an industry wide research report as it covers the Telecommunications, Media and Technology Conference, August 10-11. The brokerage gives some ideas, including Microsoft MSFT, Akamai AKAM and American Tower AMT. In the report, Oppenheimer & Co. writes, "Given current market volatility and underlying macro concerns, the conference should help investors get an early read on Q3/Q4 trends and unique insights from our panelists. Smartphones: With competition expected to reach a new high this holiday season, our Communication Technology analyst Ittai Kidron prefers component suppliers to handset makers. His favorite component names include RF Micro Devices, Skyworks and Qualcomm. Towers are a corollary play on smart phones; here Communications Services analyst Tim Horan recommends American Tower and Crown Castle, which benefit from the growth in wireless data traffic. Video, Video, Video: As Internet video penetrates the mass market, our Internet Services analyst, Sri Anantha, would use Akamai to play the trend toward online video. As a direct play on the market for mobile video chat on smartphones our Applied Technology analyst, Yair Reiner, likes OmniVision, which makes camera chips. The best way to play HD (high-definition) is DG FastChannel, according to Internet analyst Jason Helfstein. Among cable carriers, Comcast is Tim Horan’s best idea, for its pricing power and better broadband network. Seasonality; software: Our tech team as a group expects the typical 45/55 1H/2H semi sales split to end up closer to 50/50 this year. The team remains underweight semis in favor of later-cycle tech plays such as software. Within large cap software, Enterprise Software analyst Brad Reback’s best idea is Microsoft."