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Merrill Lynch Raises PMC-Sierra to 'Neutral'

Merrill Lynch upgraded PMC-Sierra (PMCS) to neutral from sell.

Analyst Srini Pajjuri says he believes PMC-Sierra will post upside to his 3-cents loss per share estimate for 2003 when it reports next week. He also thinks combination of inventory replenishment orders, one-off projects, and improving telecom spending by RBOCs will likely provide upside to his 15 cents 2004 EPS estimate. He notes recent results from PMCS's peers suggest telecom IC vendors are benefiting from inventory shortages at original equipment manufacturers.

He is also encouraged by Juniper Networks' (JNPR) fourth-quarter results, which suggest that the telecom spending environment is improving. Despite optimism, he thinks buy-rated Agere Systems (AGR.A) is a better way to invest in the group.

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