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Technology Stocks : LSI Corporation
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To: E_K_S who wrote (18548)5/24/1999 7:18:00 PM
From: John Miz  Read Replies (1) of 25814
 
To the thread. Gruntal research summary. I am guessing you have all seen or heard about it by now. But thought I would post it for those who have not. Currently no position in LSI, but thinking about it very strongly...Anyway...here's the summary...

LSI Logic (LSI-Strong Buy-$40 5/8)

Investor Suitability: Aggressive Growth
On May 18, LSI Logic hosted an upbeat analyst meeting. Management indicated a
broad-based pickup in demand encompassing all regions, especially in Asia. In
addition, order trends in Japan appear to be improving with recovery likely in the
second half of 1999. Strong order momentum with growing lead times is
continuing. Bookings are currently running at over $2 billion for 1999, which is
slightly ahead of prior guidance and approximates our 1999 estimate of $2.13 billion.
Management emphasized that the industry is at the beginning of a multiyear
recovery, fueled by the mass migration to the Internet and restrained capital
spending in the past few years. Internet expansion demands higher bandwidth
requirements, a specialty of LSI. Based on yesterday's upbeat presentation, we
believe that the current quarter is on track to reach our $0.20 EPS estimate. We
reiterate our Strong Buy rating for aggressive growth investors. LSI stock currently
trades at 22.9 times our 2000 EPS estimate of $1.75, close to the company's
historical growth rate of 20.0%. We derive our $50 price target by applying a 28.4
multiple to our 2000 EPS estimate.
Mona Eraiba
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