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Lehman Upgrades Photon Dynamics to 'Buy'

Lehman Brothers upgraded Photon Dynamics (PHTN) to buy from market perform.

Analyst Edward White says the recent stock price decline coupled with greater confidence on fifth-generation (5G) capacity expansion offers a buying opportunity. He sees strong 5G capacity expansion with South Korea and Taiwan leading the way. He notes both LG Philips and Samsung have announced additional investments in 5G while Taiwanese 5G build out is at hand with Au Optronics placing equipment orders this quarter. White expects solid momentum in Photon's fundamentals in the next four to six quarters fueled by a move to 5G.

He raised his $1.30 fiscal 2003 (Sept.) EPS estimate to above consensus $1.40; and upped the $50 target to $52.

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