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Technology Stocks : Vitesse Semiconductor
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To: MoonBrother who wrote (1936)10/16/1998 9:11:00 PM
From: MoonBrother   of 4710
 
12:24pm EDT 16-Oct-98 Raymond James & Associates RAYJ STN VTSS ADTN BAC FRE KDN
RAYMOND JAMES & ASSOCIATES MORNING CALL - FRIDAY, OCTOBER 16, 1998 - PT 2 OF 4

VITESSE SEMICONDUCTOR CORP.
(NASDAQ-VTSS) -- RATING: BUY (1)
Current Price (10/15/98) $24.44
Projected Range: $32.00-$21.00

* Vitesse realized another solid quarter, reporting 4QFY98 revenues of
$54.1 million and EPS of $0.21 vs. revenues of $30.8 million and EPS of
$0.18. With backlog growing and near perfect visibility into the coming
quarter, we are raising our FY99 estimate from $0.79 to $0.84.

* Despite challenging times in the semiconductor industry, Vitesse grew
revenues for communications products over 75%, and revenues for ATE
components grew a comparable amount, despite steep reductions in capital
expenditures by semiconductor manufacturers, indicative of the advantages
of GaAs technology over traditional bipolar solutions.

* In an uncertain environment, Vitesse has demonstrated an amazing ability
to strongly grow revenues and backlog based on proprietary technology and
solutions targeted mainly towards rapidly growing markets. With an
incredibly high level of visibility, limited competitive presence and
expanding multiple opportunities, we continue to rate Vitesse BUY (1) with
a $32.00 12-month price target.
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