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Wachovia Cuts Integrated Device to Market Perform

Wachovia downgraded Integrated Device Technologies (IDTI) to market perform from outperform.

Analyst John Barton says while shares have already experienced sharp a selloff, he believes the company's performance will likely be below what's already priced into the stock. Although channel checks continue to show strength in demand from Cisco (a 25% customer last quarter), demand from virtually all other companies in various areas of communications continues to be weak. In particular, he notes a marked slowdown in wireless infrastructure demand, an important end market for the company.

He cut the 11 cents second-quarter earnings per share estimate to 8 cents, cut the $105.4 million revenue estimate to $99.3 million, and cut the 48 cents fiscal 2004 estimate to 38 cents. He looks for the stock to trade in the $10 to $13 range.

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