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Globespan rises on strong 3Q

GlobeSpan, Inc. (Nasdaq: GSPN) said third quarter income was 18 cents a share, much better than the 11 cents a share expected by First Call's consensus. Shares soared as analysts reiterated bullish ratings Tuesday.

Shares in the provider of integrated circuit, software, and system designs for digital subscriber line applications were up 7.75 to 98.13 Tuesday, following the release after Monday's bell.

Anlysts reiterated their bullish ratings and price targets on the stock; Gregory Mischou at UBS Warburg reiterated a "buy" rating on it, and a 12-month target price of $175 a share. Cody G. Acree at Frost Securities Inc. reiterated a "strong buy" rating and had a 12-month target price of $216 a share. Hans C. Mosesmann at Prudential Securities reiterated a "strong buy" rating and had a 12-month target of $165 a share.

GlobeSpan reported net revenues of $110.35 million for the third quarter of 2000, an increase of 548 percent over net revenues of $17.03 million for the third quarter of 1999, and an increase of 45 percent from the net revenues of $75.9 million for the previous second quarter.

Pro forma net income was $13.6 million, or 18 cents per share, compared to a pro forma net loss of $258,000 or a pro forma basic loss per share of a penny in the 1999 period.

Including one-time acquisition related items, net loss was $6.95 million, or 10 cents a share.