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CIBC World Raises Semtech Estimates

CIBC World raised its estimates on Semtech (SMTC).

Analyst Rick Schafer says the fourth quarter earnings per share was at the high end of the company's guidance, above his nine cents estimate. Schafer continues to see the company laying the groundwork for reclaiming VCore market share from Intersil and Analog Devices. He notes design win activity was up again in the fourth quarter with 510 design wins; this brings total design wins over the past two quarters above 1,000.

Schafer says pricing pressure appears to be normalizing. He notes management endorsed consensus estimates for the April quarter, so he adjusted his estimates accordingly; he raised his 10 cents first quarter earnings per share to 11 cents, and upped the 54 cents fiscal 2004 (Jan.) estimate to 55 cents. He reiterates his sector outperform rating.

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