Replies to post #191894 on Zeev's Turnips Patch-No Politics (ZEEV)

[madrose1]

Early Research Calls (finally downgraded RIMM ,<g>)

Morgan Stanley upgrading SNDK to Equal Weight from Underweight and cutting STI to Underweight from Equal Weight... JP Morgan downgrading RIMM and AT to Neutral from Overweight... Thomas Weisel upgrading AAPL to Outperform from Peer Perform...CSFB removes SYMC from Focus List; firm also raises VRSN tgt to $25 from $21 and adds to U.S. Equities Focus List... Lehman upgrading U.S.Wireless Services sector to Positive from Neutral, raising tgts on a host of names... Merrill Lynch upgrading ALD to Buy from Neutral; also out with a call on Telecom Equipment Suppliers, favoring Buy rated NT and AFCI and calling CIEN most expensive stock in the roup; also downgrading ADRX to Neutral from Buy... CSFB raising tgt on CSCO to $29... UBS downgrading CPB to Reduce from Neutral... Deutsche Bank upgrading FOX to Buy from Hold... Bear Stearns cuts PLB to Peer Perform from Outperform on guidance... Smith Barney initiating coverage on MOT with Buy and $22 tgt; also initiating QCOM with Hold and $63 tgt... BofA upgrading TOY to Neutral from Sell.


RIMM downgraded at JP Morgan (77.58 )

JP Morgan downgrades Research In Motion to Neutral from Overweight based on valuation, as the stock now trades at a premium valuation of 40.8x their FY05 est (on a zero effective tax-rate basis); also, firm says there is modest risk that the co will use the proceeds from its $700 mln offering for dilutive or disruptive acquisitions


AAPL upgraded at Thomas Weisel (23.73 )

Thomas Weisel upgrades Apple Computer to Outperform from Peer Perform and raises their FY04-05 rev/EPS ests above consensus based on their expectations for accelerating revenue growth, expanding margins, and increasing EPS in 2004; firm expects a long-awaited upgrade cycle for the co as the "switcher" campaign finally pays dividends, says iPods could be a $1 bln biz by FY05, and sees potential upside in G5 for 3-4 qtrs; firm also says valuation is reasonable at 10.3x their CY04 est (using peak operating margins of 8%, stripping out cash).


SAP SAP AG issues Q4 revenue guidance (44.45 )

Company issues Q4 guidance, sees revenues of EUR2.2 bln (or approx $2.8 bln), vs the Reuters Research consensus $2.66 bln, which is down 3% on EUR2.3 bln recorded a year earlier. Co also expects Q4 software revenues to be approx EUR930 mln (or $1.18 bln), a year-over-year decrease of 3%.

HGSI downgraded at Robinson Humphrey (14.22 )

SunTrust Robinson Humphrey downgrades Human Genome to Equal-Weight from Overweight, saying they now have lower expectations for ABthrax and Repifermin; HGSI announced that further development of ABthrax depends on govt funding, and firm says the inability of Congress to pass Bioshield in the prior session decreases the likelihood of near-term govt funding; also, firm believes GSK/HGSI will have a difficult economic decision to make regarding the initiation of a Phase III Repifermin trial, considering Amgen (KGF-1) is about 18 months ahead and Repifermin has not demonstrated a clinically differentiated profile.