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CSFB Ups Estimates on Microchip Technology

CS First Boston boosted its estimates on Microchip Technology (MCHP).

Analyst Tim Mahon says it's important to note business conditions still are not great for the company, but one key factor driving higher revenues for the fourth quarter is Microchip's electrically erasable programmable read-only memory

(EEPROM) business. As he first noted in February, he believes the EEPROM segment is recovering with increased indications of lengthening lead-times and rising average selling prices. In step with the company's latest comments, he raised the $0.17 fourth-quarter EPS estimate to $0.18, and raised the $0.67 fiscal 2002 (June) estimate to $0.68. He still sees $0.80 for fiscal 2003, and $1.02 EPS for fiscal 2004. Mahon maintains his buy rating and $50 target.

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