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Dain Rauscher downgraded Vitesse Semiconductor > (VTSS
) to neutral from buy.
The company will cut its workforce by 12% and take a related Q3 charge of $1.5M-$2M. Analyst Shekhar Wadekar says the news suggests to him that Vitesse is preparing for a long, slow road ahead. He says it appears there's not going to be an instant snapback in Vitesse's fortunes.
Wadekar cut the $0.47 fiscal 2001 (Sept.) EPS estimate to $0.43, and lowered the $0.43 fiscal 2002 estimate to $0.26.