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EQUITY RESEARCH NBA 529 SECURITY ANALYSIS 27 April 2003 Maxtor Corporation TECHNOLOGY Storage Networking & Services RISING STAR GAINING MOMENTUM Stock Rating: BUY We have initiated coverage on Maxtor Corp. with a twelve month price target of $8. The company has integrated well after its merger with Quantum's Hard Disk Drive (HDD) business. It has added new products for the enterprise as well as the desktop market, giving the company an opportunity to regain market share. The KEY DATA company has also improved efficiency and has enjoyed higher profit margin. Ticker MXO Industry dynamics are improving. After years of consolidation the HDD industry is now Stock Exchange NYSE approaching an oligopoly. Remaining competitors are demonstration pricing discipline and improved profitability and efficiency. Price (25 Apr 03) $ 5.38 52 Week Range $ 1.77 - 7.03 Attractive market growth opportunities. The increasing popularity of broadband and high speed wireless network will create more demand for storage. Non-traditional Price Target $ 8.00 market such as digital video recorder, game console and set-box box are expected to Mkt Cap $ 1.343 Bil soar. Sh. Out. 249.7 Mil Maxtor is well positioned to capture this favorable trend. Inst. Hldgs. 89.20% Maxtor currently has strong base in desktop market. Their facilities are optimized for ATA drive production, which is expected to continue to be the mainstream technology for desktop market as well as non-traditional market. Maxtor continue to invest in low cost production facilities in China. This will make Gaurav Gaur give them better higher profit margin given the downward pressure is now [email protected] reduced. Gabriel Buerkle The performance between enterprise level HDD and desktop HDD become [email protected] narrower. Maxtor is likely to attack the profitable enterprise market with their new Jimond Wong, CFA serial-ATA drives. [email protected] Page 2 Maxtor Corp. 27 April 2003 Table of Contents I Executive Summary 3 II The HDD S