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AG Edwards Reduces Planar Systems Outlook

AG Edwards cut estimates on Planar Systems (PLNR).

Analyst Chris Chaney says his estimate was $0.23. With EPS now targeted around $0.15, Chaney notes his $0.08 miss comes from three sources. He says there is lower gross margin due to a change in the product mix between desktop LCD, and the company's core business ($0.03 per share impact);

higher operating expenses from professional services as a result of its Dome acquisition ($0.04); and higher Invitium development costs ($0.01).

Chaney cut his $0.99 fiscal 2002 (Sept.) EPS estimate to $0.82, and trimmed the $1.34 fiscal 2003 estimate to $1.17. He maintains his strong buy rating and $27 target.

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