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Technology Stocks : Vitesse Semiconductor
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To: Outer-limits who wrote (4167)8/12/2002 9:33:03 PM
From: The Ox  Read Replies (1) of 4710
 
VTSS is a member of the S+P 500 but VTSS's market cap no longer justifies it's inclusion. One of these days, S+P will put out a press release saying it will be removed from the index. It's possible that we are seeing some funds sell off VTSS in advance of their removal or formal notification.

Also from SSB:
Message 17811370

VALUATION

Our $5 price target is based upon a 2.5x book value of about $2.00 per share.
Our 2.5x book value multiple is based on the midpoint of the historical range
that semiconductor stocks have maintained in previous downturns over the past
decade. A price-to-book value metric is used for Vitesse due to the
uncertainties in sales numbers given the difficult telecom environment and
the uncertain path to profitability for the company. Even though the $5
target offers good return possibilities, we believe the risk profile keeps
the stock off of our Buy list.
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