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Technology Stocks : Vitesse Semiconductor

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To: Jazz102 who wrote (3208)	1/7/2000 8:56:00 AM
From: SJS	Read Replies (2) of 4710

CSFB note of interest: ______________ Vitesse Semiconductor (VTSS-$49 5/16, Strong Buy-Cap $8.3B) Results Should not be Affected by Lucent Pre-Announcement o Even in light of Lucent's negative pre-announcement, we feel confident that Vitesse's 1QF2000 results should come in line with our $0.14 EPS estimate (with a penny of potential upside) based on recent conversations with management and various industry contacts. o We estimate that VTSS's total revenues this quarter will grow nearly 11% sequentially to over $89 million, of which nearly 84% of revenues should be derived from the communications segment. o Vitesse's business with Lucent's optical group should grow about 10% sequentially this quarter (contrary to rumors that Lucent business could come in flat). Management confirmed this outlook at our Tech conference and we believe that VTSS was not materially involved in the LU designs that experienced manufacturing issues in December. o We believe it is very likely that VTSS will trade in sympathy with Lucent but recommend that investors use the weakness as a buying opportunity.

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