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Lehman Keeps Strong Buy on Tekelec

Tekelec (TKLC) posted $0.10 vs. $0.03 second-quarter EPS (pro forma) on a 13% revenue rise. The company sees $0.08-$0.10 third-quarter EPS (pro forma) on $72-$74 million in revenues. Lehman Brothers maintained its strong buy rating on the shares.

Analyst Steven Levy says the company's second-quarter results speak loudly when it comes to every aspect of Tekelec's income statement and balance sheet. He notes that its second-quarter sales of $80.2 million easily beat his $77 million forecast, and its EPS of $0.10 were well above the analysts' consensus estimate of $0.05 and his own estimate of $0.06. Levy believes Tekelec is one of the more stable telecom equipment suppliers in the industry, and expects it to remain one of the most profitable in both 2002 and 2003. He raised his 2002 EPS estimate to $0.35 and his 2003 forecast to $0.55.

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