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Technology Stocks : Vitesse Semiconductor

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To: Kenya AA who wrote (3252)	1/11/2000 7:17:00 PM
From: SJS	Read Replies (2) of 4710

CSFB report on VTSS: Vitesse Semiconductor (VTSS-$49 9/16, Cap $8.5 B-Strong Buy) Contrary to Fears/Rumors VTSS Reports $0.14 EPS off of Strong Lucent Ramp FY00E: $0.67; FY01E: $1.03 ‡ As we expected, Vitesse's 1QF2000 results came in at $0.14 on revenue of $89 MM. Solid sequential revenue growth of 11% included datacom (up 23%) and contrary to earlier rumors of flat Lucent business, a positive increase from Lucent (up 8%). ‡ After enduring the logistical transition made by Lucent to sub-contractors, that business is now picking up, with other customers (such as Fujitsu and Tellabs) also coming on strong. ‡ We estimate VTSS's total revenues in the March quarter will grow at least 11-12% to nearly $100 MM. OC-192 and datacom should be the fastest growing segments. ‡ With leveraged exposure to the optical market, we feel confident VTSS will hit our $0.16 for F2Q00. Our FY00 EPS estimate is unchanged at $0.67, but we increased our FY01 estimate to $1.03 (formerly $0.98). We reiterate our Strong Buy and increase our price target to $70.

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