Markets & Finance

CIBC World Keeps Strong Buy on Zoran

CIBC World reiterates its strong buy rating on Zoran Corp. (ZRAN).

Analyst Robert Adams says the stock has pulled back more than 15% over the last three weeks due to profit taking in light of its strong performance since Sept. 11, in anticipation of traditional post-holiday season weakness in the consumer electronics market. He believes further downside would be unwarranted. Considering historical valuations for this seasonal business (38 times forward earnings), he anticipates a strong showing for fourth quarter EPS of $0.20 vs. $0.03. He also forecasts EPS of $0.37 in 2001 and $0.84 in 2002.

He puts his $35 price target under review.

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