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Wachovia Upgrades Tektronix to 'Buy'

Wachovia upgraded Tektronix (TEK) to buy from hold.

Analyst Stephen Koffler says second quarter earnings per share were above the consensus estimate of nine cents, amid strength in sales of wireless tests and logic analyzers. Koffler says Tektronix screens very well on his list of criteria for a company's long-term success: Tektronix is a vital industry supplier; it has a strong balance sheet; and a strong cash position -- he thinks this criteria creates a scenario for market share gains.

Koffler notes key market share gain opportunities are in wireless tests in Japan and China. He says he thinks sequential growth can resume again in the second half of fiscal 2003 as communications companies gear up their new product develoment for a sales ramp in the second half of calendar 2003. Koffler sees 40 cents earnings per share for fiscal 2003 (May) and 85 cents in fiscal 2004. He has a $21 target.

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