Wells Fargo Van Kasper Raising Rating on Spectrian Corporation to Market Perform From Underperform

Apr 19, 2001, 01:00 ET from Wells Fargo Van Kasper

    SAN FRANCISCO, April 19 /PRNewswire/ -- J.P. Mark, Telecommunications
 Analyst at Wells Fargo Van Kasper, has raised his rating on the shares of
 Spectrian Corporation (Nasdaq:   SPCT; $14.95) to Market Perform from
 Underperform.
     Below are direct quotations from Mr. Mark's research report:
 
     -- Yesterday, after the close, Spectrian Corporation released Q4 results
 that were better than we expected. Despite an increasingly difficult market
 environment characterized by poor visibility, top-line revenues of
 $44.3 million were 11% higher than our estimate of $39.9 million.
     -- Based on guidance from the company for FY02 and FY03, we are adjusting
 our model to reflect conservative assumptions. We are lowering our FY02
 revenue estimate to $198 million from $210 million.
     -- For FY03, we are taking the high end of the company's guidance
 (25-30% top-line growth) and raising our revenue estimate to $259.4 million
 from $256.8 million and our EPS estimate to $0.57 from $0.55.
     -- We are encouraged by several important developments that occurred
 during the fourth quarter. Spectrian expanded its relationship with key
 customer Samsung and established new contracts in Asia with both Huawei and
 Hitachi. In Latin America, Spectrian landed contracts with Telemig and
 Telefonica, both of which have growth potential in our opinion. More
 importantly, Spectrian improved its mix of single channel to multi-carrier
 amplifier sales in the fourth quarter to 55%: 45%, substantially better than
 the 67%:  33% of twelve months ago.
     -- Based on all of these factors, we are raising our rating to Market
 Perform from Underperform.
     -- We would not be surprised to see shares of both Spectrian and Powerwave
 trade higher over the next few months, as investors look for
 top-quality names in the wireless space to play for long-term growth and
 profitability. As we get more comfortable with our estimates for the near-term
 results for both companies, we will look for opportunities to upgrade the
 ratings of both stocks above their current Market Perform ratings.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo, San Diego, San Francisco,
 San Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper:  (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates;
 (3) are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
     Wells Fargo Van Kasper makes a market in the shares of Spectrian
 Corporation and Powerwave Technologies, Inc.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 

SOURCE Wells Fargo Van Kasper
    SAN FRANCISCO, April 19 /PRNewswire/ -- J.P. Mark, Telecommunications
 Analyst at Wells Fargo Van Kasper, has raised his rating on the shares of
 Spectrian Corporation (Nasdaq:   SPCT; $14.95) to Market Perform from
 Underperform.
     Below are direct quotations from Mr. Mark's research report:
 
     -- Yesterday, after the close, Spectrian Corporation released Q4 results
 that were better than we expected. Despite an increasingly difficult market
 environment characterized by poor visibility, top-line revenues of
 $44.3 million were 11% higher than our estimate of $39.9 million.
     -- Based on guidance from the company for FY02 and FY03, we are adjusting
 our model to reflect conservative assumptions. We are lowering our FY02
 revenue estimate to $198 million from $210 million.
     -- For FY03, we are taking the high end of the company's guidance
 (25-30% top-line growth) and raising our revenue estimate to $259.4 million
 from $256.8 million and our EPS estimate to $0.57 from $0.55.
     -- We are encouraged by several important developments that occurred
 during the fourth quarter. Spectrian expanded its relationship with key
 customer Samsung and established new contracts in Asia with both Huawei and
 Hitachi. In Latin America, Spectrian landed contracts with Telemig and
 Telefonica, both of which have growth potential in our opinion. More
 importantly, Spectrian improved its mix of single channel to multi-carrier
 amplifier sales in the fourth quarter to 55%: 45%, substantially better than
 the 67%:  33% of twelve months ago.
     -- Based on all of these factors, we are raising our rating to Market
 Perform from Underperform.
     -- We would not be surprised to see shares of both Spectrian and Powerwave
 trade higher over the next few months, as investors look for
 top-quality names in the wireless space to play for long-term growth and
 profitability. As we get more comfortable with our estimates for the near-term
 results for both companies, we will look for opportunities to upgrade the
 ratings of both stocks above their current Market Perform ratings.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in Fresno,
 Los Angeles, Newport Beach, Rancho Bernardo, San Diego, San Francisco,
 San Jose, and Walnut Creek, California, as well as Phoenix, Arizona, Portland,
 Oregon, and Salt Lake City, Utah.
     Investments made through Wells Fargo Van Kasper:  (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates;
 (3) are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
     Wells Fargo Van Kasper makes a market in the shares of Spectrian
 Corporation and Powerwave Technologies, Inc.
 
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 SOURCE  Wells Fargo Van Kasper