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It’s been a lousy first quarter for tech stocks but the outlook for the second quarter of 2008 looks brighter and shinier.

So say the investment gurus at Tech Ticker – specifically former Wall Street tech analyst Henry Blodget and Barons West Coast editor Eric Savitz.

Savitz says there are plenty of bargains and buying opportunities for tech investors as April opens up. “We’re still seeing a deterioration in fundamentals, specifically with Oracle’s mediocre earnings picture (from last week) and with Google and the ongoing online advertising malaise.”

But Savitz really seems to like certain sectors, like semiconductors, where stock prices have fallen lower than they should have, he adds. “In areas like semiconductors, where stock prices have fallen by 30%, a lot of the bad news has already been discounted. So we’re seeing plenty of tech stocks falling to really good bargain levels.” Security software could be another strong tech channel going forward, he added.

Research and Motion (RIM) might be one stock that fits the tech resurgence bill. RIM is set to announce its earnings on Thursday and Savitz feels the numbers should be pretty good. “Sales are still strong and consumers are warming up to what Rim is selling.”

Tech Ticker reports that analysts are looking for earnings of 70 cents and revenue of $1.85 billion for RIM's fiscal fourth quarter, which Savitz is confident the company can meet or exceed.

RIM, the Blackberry handheld maker is one of the few tech names that has, to date, been largely immune from macroeconomic stress. But that only means the bar is set higher for RIM, i.e., far beyond the consensus estimates of 70 cents EPS and revenue of $1.85 billion, the Ticker reports.

“Indeed, the onus is on Research In Motion to handily beat those estimates and give guidance above the current Q1 consensus of 75 cents EPS and revenue of $2.01 billion, adds Blodget. “Anything short of that and RIMM shares could be in a world of hurt.”

Blodget says that there is no recession at RIM – the economy can’t seem to stop people from buying Blackberry’s – or “Crackberry – as critics call it. “Still, RIM might have to lower prices as it gets deeper into the consumer market, but that shouldn’t set them back,” he says. “You get the feeling that RIM has to blow away analysts and come in with a higher number than $1.85 billion in revenues. $1.9 billion would to the trick.”

Let’s see what RIM reports . . .

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