LSI Logic <LSI.N> rises on strong Q4 results
NEW YORK, Jan 29 (Reuters) - Shares of LSI Logic rose 12
percent Friday on better-than-expected fourth quarter profits, driven
by a jump in revenues, analysts said.
Shares of LSI rose 2-3/8 to 26-5/8 in early trade on Friday.
Late on Thursday, the chip maker reported fourth quarter earnings
before special items at $0.05 a share, better than the loss of $0.03
expected by Wall Street.
Milpitas, Calif.-based LSI's revenues jumped to $445 million in the
fourth quarter, an increase of 38 percent over the $323 million in
revenues in the year-ago period.
Credit Suisse First Boston analyst, Scott Nirenberski, upgraded his
rating on shares of LSI Logic to buy from hold, and set a 12-month
price target of $35.
He noted that LSI, which reported sequential bookings increases in
its computer, telecommunications-wireless, networking, and storage
components businesses, is making progress toward its goal of 20
percent long-term operating margin.
He cut his 1999 earnings per share estimate to $0.70 a share from
$0.74, and initiated a 2000 estimate of $1.75.
BT Alex. Brown said it raised its rating to strong buy from market
performer.
((-- Wall Street Desk, 212-859-1730))
REUTERS
Rtr 10:39 01-29-99
o~~~ O |
