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Morgan Stanley Upgrades Andrew to Outperform

Morgan Stanley upgraded Andrew (ANDW) to outperform from neutral.

Analyst Arindam Basu says the company's recently announced acquisition of Celiant provides a catalyst for the upgrade. He notes the purchase will place Andrew as the leading player among independent suppliers into the RF Footprint. The Andrew-Celiant combination will create an entity with core competencies in financial, operating management, as well as strategic vision; Andrew will be able to provide nearly two-thirds of dollar content within RF Footprint to OEM customers.

He also notes the upgrade follows a 30% drop in Andrew shares over the past two months. Basu trimmed his $0.40 fiscal year 2002 (ending September) EPS estimate to $0.34, and his $0.88 fiscal year 2003 forecast to $0.85. He also set a $27 price target.

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