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: DOUG H who wrote (2902)	10/15/1999 9:27:00 AM
From: JustMy2Cents	Read Replies (2) of 3818

ML's thoughts... Pmc Sierra (Pmcs; $82 3/4; C-1-1-9) Raising Dec99E from $0.89 to $0.91 Raising 00E from $1.15 to $1.26 PMC Sierra reported operating EPS of $0.26 versus $0.14, better than our $0.24 estimate. Revenues of $71.6 million were also better than our estimate of $65.6 million. We are raising our 1999 EPS estimate from $0.89 to $0.91, and our 2000 estimate from $1.15 to $1.26. We are revising our price objective upwards from $90 to $105, which puts our target at 22x our 2000 revenue estimate. Our intermediate and long-term buy ratings are reiterated. Growth across all three of PMC Sierra's major product areas continues to be excellent. Visibility is good. The company indicated that it needed to generate 20- 40% of its business in turns in order to make the December quarter. We believe that the company is becoming the runaway leader in selling standard product silicon to broadband infrastructure providers. The company is exiting the Ethernet LAN business, and will focus those R&D resources on carrier class IP products.

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