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CS First Boston Boosts Chippac to 'Buy'

Credit Suisse First Boston upgraded Chippac (CHPC) to buy from hold.

Analyst Tim Mahon says the $0.22 Q4 loss beat his $0.24 loss estimate. Also, the 7.7% gross margin results exceeded his 5% estimate. Mahon cites higher revenues, and the benefits of the company's prior cost cutting efforts kicking in. He believes the company is well positioned as industry units have bottomed, and as internal capacity utilization rates increase at the company's integrated device manufacturer customers. He raised his 2002 estimates to a $0.45 loss on $360 million in revenue from a $0.62 loss on $346 million in revenue. Mahon also sees $0.17 2003 EPS on $460 million in revenue. He as a $10 12-month target.

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