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Thomas Weisel Ups Tektronix to 'Outperform'

Thomas Weisel upgraded Tektronix (TEK) to outperform from peer perform.

Analyst Ajit Pai says he upgraded based on three key considerations. First, his analysis reflects improvement in R&D spending trends in key end markets. Second, recent peer group results in Tektronix' core market applications show solid improvement. And lastly, he likes the company's improved leverage to a recovery.

Pai says his view for Tektronix' prospects, both near and medium term, are more favorable than the general perception, as reflected in his 13 cents first-quarter earnings per share estimate, and the 75 cents fiscal 2004 (May). Pai thinks Tektronix is inexpensive, trading at 13 times (excluding cash) his $1.00 fiscal 2005 earnings per share estimate.

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