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Piper Jaffray Trims Cray to Underperform

Piper Jaffray cut Cray (CRAY) to underperform.

Analyst Brian Gesuale says he downgraded from outperform after a substantial second-quarter earnings miss and significantly reduced profit. He expects weakness in Cray over the next few months, given the lack of visibility in near-term operating results.

Gesuale widened the 6-cent 2004 loss estimate to a 34-cent loss, and cut the Street-low 19 cents 2005 EPS estimate to 10 cents EPS. He notes Cray's cash position declined roughly $30 million sequentially on a larger operating loss, inventory buildup, and costs related to the OctigaBay acquisition. He also views Cray's ability to ramp its X1e, Strider, and XD1 product lines quickly as a major risk.

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