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Lehman Brothers Ups Amis Holdings to Overweight

Lehman Brothers upgraded Amis Holdings (AMIS) to overweight from equal-weight, explaining that recent price weakness in the stock has created buying opportunity.

Analyst Romit Shah says the stock historically lags its semi group by six months, and is tied more closely to new products which finally appear to be ramping. He notes his checks indicate momentum in the second quarter remains solid. He says $100 million (+50% year over year) in new product shipments and a decline in legacy product rolloff should drive incremental $100 million in sales in 2006. He raises his $582 million 2006 revenue estimate to $588 million, his 62 cents earnings per share (EPS) estimate to 65 cents, his $625 million 2007 revenue to $641 million, and his 70 cents EPS estimate to 77 cents. He also maintains his $12 stock price target.

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