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Robertson Stephens Cuts National Semi's Estimates

Robertson Stephens cut its estimates on National Semiconductor's (NSM) earnings.

The chipmaker reported an expected earnings shortfall and Analyst Arun Veerappan cut his estimates, saying turns sales in wireless and PC business segments did not materialize. Veerappan believes the wireless business could be seeing additional weakness from two of its largest handset manufacturers. However, he believes orders could re-emerge in March as several wireless customers work through their inventories and restructure their operations. Despite unprecedented levels of low turns-business, Veerappan believes the company remains fundamentally intact. Given the company's guidance, he cut the $1.95 fiscal 2001 (May) EPS estimate to $1.76, and cut the $1.65 fiscal 2002 estimate to $1.22. He rates the shares a buy.

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