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CIBC World Upgrades Integrated Device

Integrated Device Technologies (IDTI) sees 5%-7% sequential fourth quarter revenue growth, up from flat to slightly higher in prior guidance. CIBC World upgraded the shares to buy from hold.

Analyst Quinn Bolton says the upgrade is due to solid execution and near-term upside to his estimates. On its mid-quarter business update call, company management narrowed its $0.09 fourth quarter loss guidance to a $0.06-$0.07 loss, and raised its $83 million revenue estimate to $85 million. With the fourth quarter's revenue nearly fully booked, Bolton expects the company to be in a position to increase its backlog in March; he sees a $5-$10 million backlog buildup for the June quarter. The analyst narrowed his $0.26 fiscal 2002 (ending March) loss estimate to a $0.22 loss, raised his $0.20 fiscal 2003 EPS forecast to $0.22, and sees EPS of $0.90 in fiscal 2004. He has a "conservative" $30 price target.

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