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Technology Stocks : LSI Corporation
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To: E. Graphs who wrote (22399)7/25/2000 9:52:44 PM
From: Maverick  Read Replies (2) of 25814
 
LSI's $98M earnings beats ML's $86.2M. Upside GM=42.9%
LSI Logic (LSI; $46 3/4; C-1-1-9) Earnings Preview 7/25/00(Joe Osha 212-449-0930)June quarter
results. Given the rate at which LSI’s bookings have been
• We're looking for LSI Logic to report earnings of $86.2mm or $0.29, on revenue of $672mm, when the company reports expanding in the LAN and WAN end markets, we would not be surprised
to see the company generate upside to our revenue estimate. Our forecasts for the full year stand at $1.28 on $2.832bil in revenue.
• We regard the longer-term guidance that LSI has been giving to the street as conservative - we see no reason why LSI cannot get to a
low 50% gross margin and a 24%-25% operating margin, although our own 2001 model is not that aggressive. LSI Logic is one of
our best ideas at this point - negative sentiment on the sector has pushed the stock down to 36x our 00E EPS and 25x our 01E EPS,
which we believe is low for a company we expect to generate 5x earnings growth this year and 44% next.[At $40, CY00 PE is ~ 30]
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