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To: Johnny Canuck who wrote (39759)	6/18/2003 11:08:44 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71575

7:06AM Lehman upgrades communications chip makers (AMCC, PMCS, VTSS) by Tomi Kilgore Lehman Bros. upgraded communications chip makers Applied Micro Circuits (AMCC), PMC-Sierra (PMCS) and Vitesse Semiconductor (VTSS) to "equal weight" from "underweight" on the belief the companies' telecom business will improve due to a combination of a stable end-market, low inventories and the conversion of application-specific integrated circuits (ASICs) to application-specific standard product (ASSPs). The firm believes the "vast majority" of inventory corrections and capital expenditure reductions are in the past, with inventories at large communication vendors such as Cisco Systems (CSCO), Lucent Technologies (LU) and Nortel Networks (NT) at their lowest levels in three years. "While we believe that valuations have expanded considerably to anticipate revenue growth we believe business has bottomed and upside potential to our estimates is likely," Lehman said in a note to clients.