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RBC Capital Cuts Adaptec

RBC Capital cuts Adaptec Inc. (ADPT) to underperform from sector perform.

Analyst Thomas Curlin says company notes that enterprise drive shortages have negatively affected demand for its SCSI-related products from its OEM and channel customers.

He says the company believes drive shortage will not only impact demand in fourth-quarter fiscal 2005 (ending March) but could also impact first-quarter fiscal 2006. As a result, he cuts his 2007 fiscal 2005 earnings per share estimate to a 4-cent loss and his 24 cents fiscal 2006 estimate to a 20-cent loss.

Curlin cuts his $6 target to $4. He keeps above average risk assessment on a 12-month basis due to excess net cash balance and about $1.50 per share. He estimates $3.50 per share is a current fair value.

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