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SG Cowen Cuts Triquint Rating

Triquint Semiconductor (TQNT) sees results of breakeven to a 1-cent loss per share in the fourth quarter. SG Cowen downgraded the shares to market perform from strong buy.

Analyst Mark Grossman says that the company indicated it is not fully booked to achieve fourth-quarter guidance, and that while wireless remains robust, other units remain weak. Grossman says first-quarter guidance was lower than expected. He cut his 2003 estimate from EPS of 17 cents to a loss of 7 cents per share to account for a more dilutive impact from the Agere acquisition and continued comp weakness. The analyst sees several potential drivers but most will not come until the second half of 2003 and 2004. Given the recent 100%+ run in the stock price, Grossman thinks the shares will take a breather.

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