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Oppenheimer Ups Powerwave to Buy

Oppenheimer upgraded Powerwave Technologies (PWAV) to buy from neutral, citing the company's stronger than expected third quarter performance.

Analyst Lawrence Harris had been initially concerned that the company's acquisition of the Remec business would pose a risk to its earnings per share, given its recent history of material losses. Instead, during the first month under Powerwave management, the business actually generated a small profit before amortization expenses. Harris says the company sees $8.5 million in annual savings by closing three facilities in Calif. and one in the U.K., which could generate at least $50 million in annual cost savings. The analyst raised his 41 cents fiscal year 2005 pro forma earnings per share estimate to 52 cents and his 59 cents 2006 estimate to 75 cents. He also set a $15 stock price target.

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