Robbie....U asked about VTSS....
JANUARY 10, 2002
Vitesse Semiconductor
Vitesse Semiconductor Corp. (VTSS-Nasdaq)
By Pacific Growth Equities (14.63, January 9, 2002)
We are upgrading shares of Vitesse Semiconductor to Buy from Market
Perform, based on the early recovery in the company's storage business, switch
fabric design wins, that we expect to start ramping in 2002, and a potential
recovery in the company's telecom chip business, which could occur towards
the second half of the year.
We are setting our 12-month
price-target to $18, or about 12 times our
calendar year 2003 sales prediction of
$280 million.
We believe that Vitesse will meet our
December 2001 quarter revenue and
earnings per share estimates, of $37
million and ($0.13), respectively.
Additionally, we expect the company to
guide for sequential revenue growth in
the March quarter, based on improved
visibility in its datacom business,
especially the storage segment. |
