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Technology Stocks : Vitesse Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: garrick le who wrote (2460)	4/9/1999 5:28:00 PM
From: Tom_	Respond to of 4710

Re: good entry. Hi Garrick! At least one analyst sees a buy opp also: Vitesse Semiconductor (NASDAQ:VTSS - news) lost $6.81, or 12%, to $50.81 despite posting better-than-expected earnings of $0.22 per share, versus analysts estimates of $0.21. David Wong, a Needham & Co. analyst, attributes the sell-off to slower sequential bookings growth in the quarter. Wong says the company will continue to see slower booking growth until it reduces the backlog from about 5 months worth of revenue to the company's goal of 3-4 months. Wong adds that Lucent Technologies (NYSE:LU - news) , one of its biggest customers, will begin outsourcing some of the manufacturing in June, which has the potential impact of hurting bookings further in the near term. But Vitesse demonstrated another strong quarter with 11% sequential revenue growth and 13% quarter-over-quarter growth for its communications chips business. 'I think the stock sell-off is completely unwarranted,' says Wong, who has a 'strong buy' rating and $65 price target. He adds that it's a great buying opportunity. --from Individual Investor "Midday Market Movers" Best wishes, Tom