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SG Cowen Cuts PMC-Sierra Rating to Neutral

SG Cowen cut its rating on PMC-Sierra (PMCS) to neutral from buy.

Analyst Rick Billy say he was surprised at the magnitude of chipmaker's expected shortfall. Although the shortfall was a result of an industry slowdown in communication-equipment sales, Billy notes PMC's performance was reflected in the industry slump. He notes Cisco (CSCO) and Lucent (LU), the firm's two largest customers, curbed their spending plans.

With no visibility into Q2, Billy believes PMC's new guidance for 30% 2001 revenue growth is dramatic. He cut the 2001 EPS estimate to $0.75. Billy also reduced the 2001 EPS estimate for TranSwitch Corp. (TXCC) to $0.75. He says management gave good data points, and he looks for the business to firm up as PMC is still well positioned for the long term.

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