PMC-Sierra (PMCS) Message Board

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Technology Stocks : PMC-Sierra (PMCS)

PMCS 11.65

0.0%

Jan 25 4:00 PM EST

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To: Bulldozer who wrote (2551)	7/7/1999 11:16:00 AM
From: Nevin S.	of 3818

From CSFB 7/7/99: ....probably a typo on the price target........... July 7, 1999 - 7:38am Credit Suisse First Boston Corporation CREDIT SUISSE FIRST BOSTON FIRST EDITION PMC-Sierra (PMCS, $65.69, BUY) Target (12 Months): 0 Design Win Momentum Should Lead To Positive Guidance From PMCS We expect PMCS to report 2Q99 EPS in line or slightly above our estimate of $0.19 driven by strength in its ATM, Switching, and Transmission businesses. Revenues should reach $55 million, an increase of 10% sequentially and 38% year over year. While we have modeled a sequential decline in gross margin from 77.8% to 77.0%, we believe that decline may be more gradual than expected, given that the company continues to benefit from strong ATM business and has yet to ramp its Ethernet business. PMCS's Layer 3 upgrade ("AfterBurner") for its EXACT Gigabit Ethernet and Fast Ethernet switching chipsets has been well received and continues to face minimal competition (aside fromGalileo). We expect company guidance for 3Q99 will be very optimistic with a focus on improving industry fundamentals and strong design win activity. Annual EPS 12/00E $0.95 12/99E $0.77

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