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CS First Boston Cuts Micrel Estimates

Credit Suisse First Boston cut its estimates on Micrel (MCRL)

Analyst Michael Masdea says Micrel cited weakness from computing, networking and North American distributors. Masdea thinks Micrel saw weakness throughout the quarter, with September weakness being a surprise as the third quarter is typically back-end loaded. He reiterates his underperform rating.

While Masdea says Micrel remains a strong analog chip maker, he says its increased exposure to commercial markets and competition in power management could continue to weigh on the company. He thinks a lack of pricing power will weigh more heavily on Micrel than its high-end competitors. Masdea widened his $0.01 2002 loss estimate to a $0.09 loss, and cut the $0.06 2003 earnings per share estimate to an $0.05 loss.

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