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SG Cowen Cuts Virage Logic to 'Market Perform'


SG Cowen downgraded Virage Logic (VIRL) to market perform from outperform.

Analyst Tim Fox says first quarter guidance compares with his seven cents earnings per share estimate, and $13.7 million revenue estimate. He says deal slippage is not a surprise given the back-end loaded nature of the last few quarters. He says design activity in 0.13-micron and 90-nanometer products were hampered by the industry's delayed adoption of leading-edge manufacturing processes. He notes chip spending is still tight, and a difficult ordering environment persists.

Fox cut the 32 cents fiscal 2003 (Sept.) earnings per share estimate to 16 cents, and cut the $58 million fiscal 2003 revenue estimate to $50 million. He say the company is well positioned long-term as the industry recovers.


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