Now that semiconductor maker
has told the world it won't meet fourth-quarter revenue forecasts, a group of analysts put out the word that the company won't meet their estimates. Right.
Credit Suisse First Boston
cut their earnings estimates on the specialty chipmaker, which lowered its fourth-quarter revenue
forecast last night, citing sluggish November sales.
ABN Amro cut its 2000 earnings view to 97 cents from $1.02 a share, its 2001 EPS view to $1.20 from $1.55 and its 12-month price target to $40 from $60. Goldman lowered Altera's fourth-quarter EPS view to 27 cents from 32 cents and its 2001 view to $1.25 from $1.55. Lehman lowered Altera's 2000 estimate to 97 cents from $1.02 and its 2001 view to $1.20 from $1.40. Credit Suisse also reduced the company's fourth-quarter earnings estimate to 26 cents from 33 cents a share.
Deutsche Banc Alex. Brown
went further. Robertson Stephens cut the stock to a long-term attractive from a buy, while Deutsche Banc Alex. Brown cut the stock to a buy from strong buy and lowered its fourth-quarter earnings estimate to 27 cents from 32 cents and its 2001 view to $1.30 from $1.60.
Shares of Altera were recently down 11.8%, or $3.06, to $22.94 in
In a group move on semiconductor stocks, Credit Suisse also hacked its ratings on
to buy from strong buy.
Shares of Xilinx recently tumbled 7.1%, or $3.06, to $40 in Nasdaq trading. Lattice had fallen $1.69, or 9.7%, to $15.75, and Fairchild was recently lower by 11.4%, or $1.75, to $13.63 in composite trading.
In the report, CSFB cited the slowdown in the wireless and PC markets over the last four months, the uncertainty in wireline forecasts and the hoarding of components resulting in inventory overhang, and said it believes the semiconductor device companies "are once again about to run into a wall."
Silicon Storage Technology
were also cut to buy from strong buy.
Interstil shares were down 17.8%, or $4.75, to $22.06, Microchip was lower by 2.7%, or 63 cents, to $22.41, and Silicon Storage dropped 12.4%, or $1.69, to $11.94 in Nasdaq trading.
Among other big chip names,
was recently down 10%, or $4.31, to $38.63 while
Advanced Micro Devices
lost $2, or 11.7%, to $15.06.