http://www.businessweek.com/investor/content/may2005/pi20050519_0072_pi010.htmUTStarcom (UTSI ): Maintains 3 STARS (hold)Analyst: Ari BensingerAt its analyst day yesterday, UTStarcom highlighted its wireless and broadband product diversity. But with a rapid decline in its core fixed-mobility segment in China, due to a spending shift toward 3G networks, we think UTStarcom needs to quickly transition to new growth products. The November 2004 acquisition of the Audiovox handset business also continues to hurt gross margins. To improve profitability, UTStarcom aims to leverage its low-cost manufacturing expertise in China. We see many challenges ahead, but at 14 times our 2006 earnings per share estimate of 50 cents, well below peers, we view UTStarcom as worth holding.
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