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Needham Trims Virage Logic Target


Needham cut its price target on Virage Logic (VIRL).

Analyst Jeffrey Macy says the $11.5 million to $11.7 million first quarter (Dec.) revenue guidance was about $2 million below his estimate. He says deferred purchases of 0.13-micron products doesn't indicate a loss of customers; he says the shortfall is related to overall economic weakness, and probable delays due to the holidays. Macy remains somewhat cautious on the semiconductor industry as no near-term catalysts have appeared; he hopes for economic recovery in 2004.

Also, Macy says his buy recommendation is based on long-term growth potential from royalty-based revenues, and strength in platform logic business. He lowered the $14 target to $11. Macy sees one cents earnings per share for the first quarter, and 16 cents a share for fiscal 2003 (Sept.).


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