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Adams Harkness Ups Centillium Rating

Adams Harkness upgraded its investment recommendation on shares of Centillium Communications (CTLM) to strong buy from buy.

Analyst Blaine Carroll tells Standard & Poor's MarketScope that since the beginning of this year, news flow from the digital subscriber line (DSL) market has gotten better, and Centillium's shares have appreciated nicely. Carroll believes trends in the DSL market continue to improve; he notes the Japanese DSL market continues to post strong results, which combined with trends improving in both the U.S. and Europe, should benefit the company as it further diversifies its customer base. The analyst notes that after reporting stronger than expected first quarter results last week, Centillium has exceeded his $7 price target, so he raised his target to $10. Carroll sees Centillium posting an 11-cent loss per share in 2003 and earnings per share of 15 cents in 2004.

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