rose almost 12% Monday after Bear Stearns raised its investment rating on the stock to outperform from peer perform. The move reflected increased shipments of its wireless networking equipment and potential gains in market share.
"We believe the ramp of 802.11g WLAN products is likely to be strong in 2003 and that Intersil, one of the first few to launch products, is likely to benefit as it distances itself from much of its competition," wrote analyst Brian Wu in a research note.
The analyst said Intersil is currently on track to meet expectations for the fourth quarter, projecting a net profit of 20 cents a share. In addition, Wu raised his fiscal 2003 earnings estimate to 91 cents a share from 84 cents. On average, analysts are expecting the company to post a net profit of 90 cents, according to Thomson Financial/First Call. "In our view, 2003 should be a strong year for Intersil," Wu said.
The shares finished up $1.97, or 11.4%, at $19.25 on the Nasdaq. They're up 30% since hitting a 52-week low of $10.92 on Oct. 11.