text: 6 Reasons To Pick Up This $6 Tech Stock On The Cheap - LSI Corp. (NASDAQ:LSI-OLD) | Seeking AlphaSign in / Join NowGO»Market NewsStock IdeasDividendsMarket OutlookInvesting StrategyETFs & FundsEarningsPROLong IdeasShort IdeasCramer's PicksIPOsQuick PicksSectorsEditor's Picks6 Reasons To Pick Up This $6 Tech Stock On The CheapJun.24.12 | About: LSI Corp. (LSI-OLD) Bret Jensen Premium Research »Follow Specializing in biotech stocks, Small Caps, managing optimized portfoliosSend Message|Biotech Forum through SeekingAlphaAfter the turmoil of the last couple of months, certain sectors appear to be approaching oversold territory and are starting to offer intrepid investors good long term entry points. Tech stocks, especially outside the mega caps, have had some nice selloffs recently. One stock that looks very cheap and is starting to attract insider buying is LSI Corporation (NASDAQ:LSI-OLD).
  "LSI Corporation designs, develops, and markets storage and networking semiconductors worldwide. It offers integrated circuits for hard disk and tape drive solutions, which are used to store and retrieve data in personal computers, corporate network servers, archive/back-up devices, and consumer electronics products." (Business description from Yahoo Finance)
  6 reasons LSI is a long term bargain at $6 a share: Two insiders have bought new shares in the last two months for the first new buys in 2012.
  LSI has a rock solid balance sheet with over $600mm (more than 15% of market capitalization) in net cash.
  The median analysts' price target for the 9 analysts that cover LSI is $11 a share, substantially above its current price level. Avian, Maxim Group and Barclays have all either initiated the shares as a "Buy" or upgraded the shares to "outperform" so far in 2012.
  The company has easily beat earnings estimates the last two quarters and consensus earnings estimates have gone up for both FY2012 and FY2013.
  LSI has a forward PE of less than 8, a deep discount to its five year average (20.4). It also has a five year projected PEG of less than 1 (.47).
  It has some short term technical support here and bounced off slightly lower levels six months ago (See Chart).
  Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in LSI-OLD over the next 72 hours.