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Thomas Weisel Upgrades ChipPac

Thomas Weisel upgraded ChipPac (CHPC) to strong buy from buy.

Analyst Eric Gomberg says the company is implementing substantial improvements in cost structure. He thinks the company has mapped out a viable return to profitability, which he sees in Q3. He says ChipPac has started feeling the pain of the economic downturn before its peers, and therefore expects it to recover before its peers.

Although he sees continued challenges for the semiconductor industry, Gomberg believes the company's customer base has worked through their inventory woes for the most part. He narrowed his $0.27 2001 loss estimate to a $0.15 loss. He also raised his $0.17 2002 EPS estimate to $0.32 and has a $13 12-month target.

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