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CIBC World Keeps Strong Buy on Zoran

CIBC World reiterates its strong buy rating on Zoran Corp. (ZRAN).

Analyst Robert Adams says the stock has pulled back more than 15% over the last three weeks due to profit taking in light of its strong performance since Sept. 11, in anticipation of traditional post-holiday season weakness in the consumer electronics market. He believes further downside would be unwarranted. Considering historical valuations for this seasonal business (38 times forward earnings), he anticipates a strong showing for fourth quarter EPS of $0.20 vs. $0.03. He also forecasts EPS of $0.37 in 2001 and $0.84 in 2002.

He puts his $35 price target under review.

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