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Technology Stocks : Vitesse Semiconductor

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To: cgraham who wrote (1640)	9/19/1998 12:10:00 AM
From: MoonBrother	Read Replies (4) of 4710

08:25am EDT 16-Sep-98 Credit Suisse First Boston (Trivella, Tom (212) 325-2478) AM CALL: First Edition (PT 2 OF 3) FBC CREDIT SUISSE FIRST BOSTON CORPORATION CREDIT SUISSE FIRST BOSTON CORPORATION FIRST EDITION Vitesse Semiconductor (VTSS, $26.94, STRONG BUY) Target (12 Months): $45 Charlie Glavin, CFA 415/836-7715 charlie.glavin@csfb.com We believe VTSS stock has overreacted to recent concerns about several of its customers (including Ciena and Tellabs) and that the current quarter is still on track to hit our expectations. We believe Vitesse's fundamentals remain solid with strong bookings and good visibility across all divisions, including high-end testing, so revenue projections for the next two quarters should not at risk. The ramp of the company's new 6" wafer fab in Colorado Springs appears to be on track and under control, and should result in both higher billings and further margin expansion. We reiterate our STRONG BUY on the stock, with a 12-month price target of $45, and believe investors should take advantage of the recent price decline to buy VTSS. Annual EPS 9/99E $0.83 9/98E $0.66

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