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Morgan Stanley Raises Estimates for Maxim Integrated Products

Maxim Integrated Products (MXIM) reported fourth-quarter earnings per share of 36 cents. Morgan Stanley raised its earnings estimates.

Analyst Louis Gehardy says the company's fourth quarter was in line with his estimates. He notes June bookings increased 10% quarter-over-quarter, but September bookings should decline 10% to 15% quarter-over-quarter; he expects quarter-over-quarter revenue growth to cool off and approach seasonal norms. Given the fourth-quarter performance and management's outlook, he ups his $1.76 fiscal year 2005 (June) EPS estimate to $1.80, and $2.12 fiscal year 2006 EPS forecast to $2.16.

Gehardy says he is more positive on Maxim given the stock's 12% year-to-date decline and his slightly higher EPS estimates. He says Maxim is the most sensitive stock in his universe to the macro-economic outlook. He maintains an equal-weight rating and $50 target price.

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