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NEW YORK - Shares in cable chip company Microtune Inc. rose Friday on the strength of its first-quarter and 2008 outlook.
| TUNE | 2.27 |  0.29 |
Roth Capital Partners analyst Jay Srivatsa said in a note to investors that the outlook did not disappoint and his investment thesis on Microtune is playing out as he expected.
Srivatsa said Microtune does not see any economic factors hurting its markets and remains optimistic on its ability to increase sales in 2008 and 2009.
He raised his sales estimate for the first quarter to $24.5 million from $23.5 million and his 2009 sales estimate to $131.5 million from $131 million.
Oppenheimer & Co. analyst Carl McDonald said in his note to investors that he welcomed the company's bullish guidance for both the first quarter and 2008 and said growth prospects remain strong in each of the company's target markets of cable, digital TV and automotive.
The company makes chips used for broadband communication in cable modems, televisions, personal computers and other devices.
Microtune shares rose 36 cents or 6.9 percent to $5.54 in afternoon trading. They have traded in the past year between $4.06 and $6.88.
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