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Technology Stocks : Vitesse Semiconductor

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To: JB who wrote (4303)	6/10/2003 7:47:26 PM
From: David Lawrence	Read Replies (1) of 4710

Gee, these guys wouldn't want to go out on a limb or anything?! Today's close at $5.23, and they reiterate a Buy rating and <font color=green>12 month target of $5.50</font>. Wedbush Morgan Securities VTSS: reit` buy - TGT$5.50; After the market close on June 9, Vitesse announced the acquisition of MultiLink for approximately 4.2 million shares in stock, with the expected close by the end of its Q4 fiscal 2003 (September 2003).With the proposed acquisition of MultiLink Technology Corporation (MLTC - Not Rated), we are increasing our fiscal 2004 revenue estimate by $10 million to $253 million, and EPS from $0.04 to $0.06. (Our calendar 2004 EPS estimate is now $0.10, up from $0.07 previously). We view this deal favorably from a strategic, income statement, and balance sheet point of view. We are hopeful that there will be other small niche acquisition opportunities. We are reiterating our BUY recommendation and our 12-month conservative price target of $5.50.

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