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Technology Stocks : UTStarcom Inc. (UTSI)

UTSI 2.500

-2.3%

Oct 31 9:30 AM EST

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From: quartersawyer	1/7/2005 11:23:37 AM
	of 438

UTStarcom's Audiovox Buy Brings Gross Margin Risk 01.07.05, 9:20 AM ET Banc of America Securities downgraded UTStarcom (nasdaq: UTSI - news - people ) to "neutral" from "buy," and cut earnings estimates and the price target after the company issued disappointing fourth-quarter guidance. Banc of America said, "We would like to see the company convert sales growth into earnings before becoming positive." The research firm said the downbeat outlook was driven by weakness in China and revenue recognition issues. Banc of America said UTStarcom's recent acquisition of Audiovox "brings risk to gross margin for the next year." The firm cut the 2005 earnings estimate to 70 cents per share from $1.70, and cut the 2006 estimate to 76 cents from $2.20. Banc of America cut the 12-month price target to $14 from $25.

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