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Technology Stocks : Rockwell-Spins off Conexant (CNXT)
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To: David W. Taylor who wrote (1994)2/27/2004 9:57:33 AM
From: Neil H  Read Replies (1) of 2013
 
09:16 ET CNXT initiated at Pac Growth with an Over Weight rating 7.39: Pacific Growth initiates Conexant Systems with an Over Weight rating. Shareholders recently approved the merger of Conexant and GlobespanVirata. Merger documents indicate the deal should be immediately accretive. Although cost synergies will likely be realized first, the firm believes sales synergies will be greater over time. The co's markets have recently begun to accelerate. Taking a semiconductor average multiple on the revenues and EPS (3.4x and 30x), the firm could easily see how CNXT could generate a much higher valuation, particularly if the debt were retired. Given the strategic positioning and the strong growth forecasted in CNXT's end markets, the firm finds the current valuation overly conservative.
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