Global Technology| July 22, 2015 CChhaannggeess ttoo MMoorrggaann SSttaannlleeyy EEssttiimmaatteess EExxhhiibbiitt 33:: Cloud Weakness Drives CY2015 MS Estimate and Rating Changes Morgan Stanley Estimate Changes CY2015 Revenue Growth CY2015 EPS Price Target Stock Rating New Old Chng New Old Chng New Old Chng New Old US IT Hardware HP -6.4% -6.2% 0% pts $3.58 $3.66 -2% $41 $42 -2% OW OW QLogic -3.2% -0.7% -3% pts $0.90 $0.96 -6% $12 $14 -14% EW OW Seagate -11.6% -10.1% -1% pts $3.46 $3.74 -8% $34 $49 -31% UW OW Western Digital -11.2% -5.6% -6% pts $6.41 $7.79 -18% $70 $113 -38% EW OW US Communications Cisco* 3.7% 4.1% 0% pts $2.22 $2.23 0% $30 $30 0% OW OW US Semiconductors Broadcom 1.8% 2.4% -1% pts $2.91 $2.95 -2% $58 $58 0% EW EW Cavium 14.8% 16.4% -2% pts $1.69 $1.76 -4% $68 $68 0% OW OW Marvell 6.2% 7.6% -1% pts $0.87 $0.94 -8% $17.50 $17.50 0% OW OW Avago 36.0% 37.8% -2% pts $9.05 $9.13 -1% $160 $160 0% OW OW Asia Hardware Tripod -1.9% 0.9% -3% pts NT$4.60 NT$4.96 -7% NT$52.50 NT$56.50 -3% EW EW Asia Semiconductors Aspeed 19.7% 23.0% -3% pts NT$12.93 NT$13.45 -4% NT$340 NT$350 -3% EW OW Source: Morgan Stanley Research. Cisco* estimates adjusted last week 3