Weak on specifics. Same old overall thesis--growing and highly technical market with entry barriers and we are the leaders--but this was known. Key question is if they can continue and accelerate 2011 growth now and not in 2013 or later. His tone suggests yes but few hard facts.
8% overall market growth rate does not cut it for 22 P/E. $400 mln. extra rev (2013?) he mentioned is actually good (on top of current 600). That does imply growth consistent with high P/E
Also good that LG seems to be a total non-issue but the sell-off was driven more by overall valuation concerns and LG news was just a trigger
Guess need to wait for the earnings call to be more comfortable with the thesis
If you have listened to Bob Toll on conference calls before, you would know that he never pumps the company. He just tells it like it is. I have been a shareholder for about 4 years, he is a no nonsense kind of guy and has little patience for people who do know what they are talking about. But he sure has delivered the goods since he has been there!