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CS First Boston Says Inventories Could Hurt Tellabs Sales

CS First Boston analyst James Parmelee says that he sees significant risk to his near term sales estimates for Tellabs (TLAB) based upon a lengthened time to work down Titan 5500 inventories. The analyst said that with the timing of the recovery less clear, his near term sales estimates of $780 million for the second quarter and $890 million for the third quarter may need to be reduced.

The inventory workdowns are a function of redeployment of CLEC interconnections and the desire by ILECs to carry reduced inventory balances, Parmeless says. He notes that the implication is the risk to his high-single-digit top line growth rate estimate for the second half of 2001 for this product platform. Though he maintains a buy rating on Tellabs shares, notes that there is increased probability of additional downside to the stock in the short term.

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