Baird upgraded Powerwave Technologies (PWAV) to outperform from neutral.
Analyst Kenneth Muth says he thinks Powerwave presents a good risk-vs.-reward investment at its current stock price with cash and assets worth about $3.50 per share. He believes the company's prospects for the second half of 2003 should improve as its record number of current trials for its new booster product line should convert into revenue.
He says Powerwave thinks its revenues for the first quarter were at a low point, and should have higher quality revenues for the remainder of 2003. Muth says Powerwave also believes it can complete its restructuring program by the end of 2003. He sees a 35-cent 2003 loss, and narrowed the 10-cent 2004 loss estimate to a 7-cent loss.