) to equal-weight from underweight.
Analyst Romit Shah says top- and bottom-line results beat his forecast, driven by strength in industrial, consumer, and commercials businesses. He upgrades as results point to an inflection point following three consecutive quarters of declining orders, backlog, lead times.
He says new product momentum, recent design wins in industrial, and consumer suggest the company should finally start growing sales inline with the analog industry.
Shah notes year-over-year comparables for both sales and earnings per share are some of most favorable in semis. He raises his 50 cents 2005 earnings per share estimate to 61 cents and 65 cents to 80 cents. He has an $18 target.