PMC-Sierra

(PMCS)

was down 13.1% in early afternoon after hitting a 52-week low of $43.

Salomon Smith Barney

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cut its price target to $65 from $85 and lowered its earnings estimates for the communications chipmaker. Salomon also cut its first-quarter forecast to 11 cents a share from 14 cents, lowered its 2001 outlook to 55 cents from 88 cents and sliced its 2002 estimate to $1.42 from $1.73.