Markets & Finance

Wachovia Cuts Anadigics Outlook

Wachovia cut estimates on Anadigics (ANAD).

Analyst Mark Roberts says the latest third quarter guidance guidance reflects a fall-off of power amplifier orders for time division multiple access handsets. He cut the $28.8 million third quarter revenue estimate to $21.5 million; and widened the $0.22 third quarter loss to a $0.33 loss, as well as cutting the $1.03 2002 loss to a $1.23 loss, and trimming the $0.13 2003 loss to a $0.32 loss.

Roberts maintains his hold rating. He thinks the company may have the highest gross margin leverage of comparable radio frequency integrated circuit companies. Due to Anadigic's higher cost structure, he thinks there's more risk in owning shares until he has better visibility of revenue acceleration.

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