BancBoston Robertson Stephens Upgrades CNXT to a Buy Rating
SAN FRANCISCO, April 22 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior communications and semiconductor device analyst Arun Veerappan today upgraded Conexant Systems, Inc. (Nasdaq: CNXT - news), to a Buy rating from a Long-Term Attractive.
''We are raising our rating on Conexant to a Buy from Long-Term Attractive, with a 12-18 month price target of $50, for the following reasons:
1. Upside in the March quarter came almost entirely from strong
performance in the company's core platform businesses: Wireless
products, Network Access products, Digital Infotainment products and
Imaging products.
2. The outlook for the modem business is flat for the near-term, beyond
which, the company enters a seasonally strong period for modem sales.
3. Booking growth during the quarter was strong and the company appears to
be in a capacity constrained situation in terms of catering to demand
on key product lines.
4. A sum of the parts, price-to-sales valuation analysts, provides
substantial appreciation potential for the stock from current levels,"
said Veerappan.
Clients interested in receiving more information should contact their salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment banking firm focused on growth companies. The firm's 55 equity and high yield research analysts cover more than 600 companies. Additional information is available upon request.
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SOURCE: BancBoston Robertson Stephens
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