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CIBC Cuts Solectron to Hold from Buy

Solectron (SLR) says fiscal 2002 results are likely to be below previous guidance of $16B-$18.5B revenue and $0.62-$0.66 earnings per share. CIBC World Markets downgraded the stock to hold from buy.

Analyst Todd Coupland says the downgrade comes after current end market issues, limited near term visibility resulting from exposure to telecom, networking markets (55% of $16B estimated fiscal 2002 revenues). Coupland notes that management, at its annual investor meeting, predicted a flat fiscal 2002 (Aug.) business environment versus prior outlook for strong second half. He also notes that while management indicated fiscal 2002 revenues would be below prior guidance, it did not quantify.

Coupland cut his $0.65 fiscal 2002 EPS estimate to $0.40. He views Solectron as reasonably priced but would remain cautious.

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