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Technology Stocks : LSI Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Tony Viola who wrote (22034)	4/26/2000 3:18:00 PM
From: shoe	Respond to of 25814

Everything was positive, just came across ho hum. Regards

To: Tony Viola who wrote (22034)	4/26/2000 11:33:00 PM
From: hueyone	Respond to of 25814

Tony, Chase H&Q certainly liked yesterday's CC: ** Chase H&Q Chase H&Q Chase H&Q ** Company: LSI Logic Price: 57 Recommendation: Buy Notes: f Date: 4/26/00 LSI 1Q:00: Solid Quarter Delivered; Reiterate Buy Rating & Price Target of $90 * LSI reported 1Q:00 revenues of $615.1 million, up 5.2% q/q, beating our top line estimate of $608 million. EPS for the quarter before goodwill was $0.26, a penny ahead of both our and consensus EPS estimates of $0.25. Gross margins of 42.4% were up 130 basis points q/q, due to improved utilization in the company's fabs, the ongoing ramp at Gresham and improved yields during the quarter. * We believe the book-to-bill for the quarter was well above 1. 1Q:00 bookings set a new record for the company. We believe that the momentum of strong bookings has continued into the month of April thus far. The month of April could well be the highest bookings month ever in the company's history. Demand during the quarter was broad based and all geographies (excluding Japan) participated in the growth. * Communication revenues in the quarter (networking, broadband including optical switching, wireless, set top-boxes, etc.) grew to a record with the networking and broadband portions growing in excess of 20% q/q. The company's communications business is expected to grow 60% y/y in 2000 and should contribute >50% (Vs 39% in 1999) of total revenues in the current year. * As we have highlighted before, all of the company's products are sole sourced and thus the company is not a witness to any double bookings on its backlog in this current tight supply environment. All of the revenue growth continues to stem from actual unit growth and not ASP inflation. * We are raising our current quarter revenue and EPS estimates from $647.5M and $0.28 to $670.5M and $0.29. For the year 2000 we are going from $2.69B and $1.18 to $2.81B and $1.24. For the year 2001 we are going from $3.43B and $1.65 to $3.79B and $1.80. * We reiterate our BUY rating and price target of $90 or 50 times our $1.80 EPS of 2001. *We would be aggressive buyers of the stock at current price levels.