SAN FRANCISCO -- Some of the biggest names in the electronics OEM and EMS space are headed for mergers or acquisitions, a leading analyst predicts.

Based on historical trends, M&A activity should be picking up, a new report from Deutsche Bank asserts.

Among the OEM potential buyers: Apple, Cisco, Dell, EMC, Google, HP, IBM, Intel, Microsoft, Oracle and Qualcomm, Deutsche Bank analyst Chris Whitmore says, have "the size and cash balance to make major acquisitions."

"With one exception," Whitmore added, none of the OEMs would be "targets in their own right." According to the report, EMC is a potential buyer and target.

Whitmore thinks deals are ahead even though the potential buyers are trading at a discount and targets at a premium, adding that based on peer group averages, the potential target companies are trading below recent precedent transactions.

Meanwhile, in the EMS and ODM sector, Whitemore's colleague Sheri Scribner sees Flextronics and Jabil as potential acquirers, while Benchmark, Fabrinet and Plexus are possible targets.

The current trend of smaller deals that enhance specific end-markets or technologies is still in vogue, Scribner said. "M&A activity in the EMS market has recently been focused on smaller transactions aimed at acquiring specific skills. We see this trend of smaller portfolio-enhancing strategies continuing with a focus on high mix, low volume areas such as clean tech, industrial and medical, as well as on vertical integration." The higher margins of Benchmark and Plexus makes them attractive, she added.