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Piper Jaffray Cut Genesis Microchip to Underperform


Piper Jaffray downgraded Genesis Microchip (GNSS) to underperform from market perform, explaining that some of the company's largest LCD Monitor customers have overbuilt thier inventory.

Analyst Tore Svanberg thinks Genesis Microchip is likely going to see increasing order cancellation in the coming months. Given that inventory corrections typically last more than one quarter, he believes it could be until the first quarter of fiscal year 2006 that this segment recovers. He also notes that we're entering a seasonally weak period for both LCD Monitor and LCD TV segments. He cut his 88 cents fiscal year 2006 (ending March) earnings per share estimate to 82 cents and 97 cents fiscal year 2007 to 83 cents. He cut his $23 target to $16.


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