Agere Seen Positioned For More Growth
Forbes Staff , 12.18.03, 10:38 AM ET
NEW YORK -
Banc of America Securities initiated coverage of Agere Systems (nasdaq: AGRa - news - people ) at "buy" and a 12-month price target of $4. Banc of America said, "Management has been restructuring the company to reposition it for more profitable growth." The research firm said Agere`s outlook for fiscal 2004 is "positive" as the company, a supplier of integrated circuits for wireless data, high-density storage and networking applications, "leverages its strong market position." Agere shares are up 9 cents to $3.10.
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