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Technology Stocks : PMC-Sierra (PMCS)
PMCS 11.650.0%Jan 25 4:00 PM EST
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To: Trader Dave who wrote (2970)11/12/1999 11:42:00 PM
From: SJS  Read Replies (1) of 3818
 
TD.....Nice writeup here.
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PMC-Sierra (PMCS) 109 7/8 +5 3/4: After spending the past two months consolidating its sharp, early-year gains, PMCS back in favor among momentum traders... Stock, like many of the communications chip companies, received a nice boost yesterday when Merrill upped its forecast for CY00 chip sales by 3% to 21.5%, raising price targets on several players - including PMCS... Merrill's price target went from 120 to 130... Target likely to be a bit conservative in our opinion, as penetration of old high at 113 7/8 will position stock for a 6- to 9-month run at the 140-150 area... Briefing.com also noted that company gave a bullish presentation at this week's AEA Technology Conference... With the race on to expand bandwidth capabilities, no reason to expect this well-managed company to experience any let up in growth... Recent acquisition of Abrizio should only bolster long-term growth potential... Based on consensus estimate, PMCS expected to earn $1.26 in FY00, a 38.5% improvement over projected FY99 earnings of $0.91... Obviously much of the good news is already priced in, but when the momentum traders get hold of a stock valuations become a secondary consideration (of course that assumes that investors still pay attention to valuation measures in the first place). -- RW
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