Oh I see the "upgrade" this am for eBAY now, based on that fee raise :
SAP SAP AG downgraded at Fulcrum (44.38 )
Fulcrum downgrades SAP to Neutral from Buy based on valuation, as firm believes the stock is fully-valued in the mid $40s.
08:17 EBAY target increased to $71 at PiperJaffray (64.62 )
PiperJaffray increases estimates on eBay as domestic and international listings over the last four weeks were stronger than anticipated. Q4 revs goto $641.9 mln from $618.2 mln. Its 2004 rev estimate goes to $3.02 bln from $2.92 bln. and EPS to $1.06 from $1.02. Yesterday, the co increased its listing fee structure, which the firm estimates will amount to a 15%-20% increase in U.S. listings revenues. This is the first rate increase in two years. A recent concern of the co's model has centered on competing platforms, such as search, as an alternative customer acquisition channel. While this concern cannot be dismissed, its strong listing growth suggests that there are no immediate threats. The firm increases its price target to $71 from $60 based on 35x 2004 EBITDA.
08:16 Smith Barney upgrades YUM, CAKE, JBX
Smith Barney upgrades Yum Brands to Buy from Hold, and upgrades Cheesecake Factory and Jack in the Box to Hold from Sell; firm believes that mad-cow disease could prove to be a net positive for burger chains, which could begin benefiting in Q1/Q2 from lower beef costs; bad weather last winter and spring makes for relatively easier YoY sales comparisons in 1H04; and favorable currency translation is poised to boost earnings at co's with meaningful int'l operations. (Note that YUM reported Dec comps of +2.2% this morning, no estimate available.)
08:16 TWTR halted -- news pending
08:15 NXTP Nextel Partners reaffirms guidance, strong operational trends (13.46 )
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