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Banc of America Downgrades Actel to 'Neutral'

Banc of America downgraded Actel (ACTL) to neutral from buy.

Analyst Sumit Dhanda says although fundamentals remain intact, valuation is stretched. He notes shares have appreciated 57% year to date, and he believes the stock is fully valued at current levels. He says the third quarter is tracking to expecations, and business fundamentals remain strong. While he keeps the 36 cents 2003 earnings per share estimate, he adjusted the 77 cents 2004 earnings per share estimate to 75 cents on a slightly higher-than-expected share count.

Dhanda says Actel remains his favorite small-cap name. He has a $24 target, at 32 times the 2004 earnings per share estimate.

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