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CS First Boston Raises Estimates for Microchip Tech

Microchip Technology (MCHP) said it sees Q2 EPS of $0.17 on revenues of about $141.5 million. CS First Boston rasied its estimates for the maker the semiconductor products.

Analyst Tim Mahon said the company preannounced at upper end of its Q2 guidance. Mahon had been expecting $139 million in Q2 revenues, and $0.15 in EPS. He raised his fiscal year 2002 (March) revenue estimate to $570 million from $565 million, and fiscal year 2002 EPS to $0.67 from $0.63.

Mahon also said the company highlighted sequential growth in its microconductor and analog product lines. The company said it believes inventory corrections at its OEMs, and that distributors were substantially completed. The analyst continues to view he company as a "bastion of stabilty," but maintains a hold rating on the stock on the belief investors will have opportunities for lower entry point.

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