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To: SJS who wrote (14140)	12/12/2000 11:20:30 AM
From: drsvelte	Respond to of 14427

Almost to CSFB $36 target (in reverse!) RESEARCH UPDATE TriQuint Semiconductor (TQNT-$61.4-Cap $5.5B-Hold) Downgrading to Hold from Buy; Rich Valuation Unjustified In Light Of Fundamentals in End-Markets FY00E: $0.79, FY01E: $0.98, Price Target: $36 · We believe the recent exuberance surrounding TQNT is unwarranted in light of the risks and lack of demand visibility we believe it faces in many of its end markets. Given the company's current valuation and downside risk, we are downgrading TQNT to a HOLD from a BUY. · The risks we believe are not currently price into TQNT are: (1) Cellular: Non-Nokia weakness and inventories; (2) Broadband Wireless: A shift away from infrastructure hardware spending, lackluster European auctions, and subscriber uncertainty; (3) Wireline: Weakness at major customers and carrier spending concerns; (4) Foundry: Potential revisions from major customers. · While we believe TQNT is on track to meet our consensus Q4:00 EPS estimate of 0.24, we are growing less confident in our out-year estimates. However, we are holding off making any changes in our estimates until after the company's quarterly update next Tuesday, December 19. We maintain our $36 price target.