BMC Software (BMC) 24.92: Salomon Smith Barney initiates coverage with a BUY rating and $32 price target; believes some investors may overlook BMC because it is perceived as being adversely affected by the alleged decline of the mainframe as an enterprise computing platform. However, thinks rate of decline of the mainframe has slowed due to a resurgence of centralized computing (opposite of distributed computing).
Centurytel (CTL) 27.41: Banc of America Securities initiates coverage with a BUY rating and a 12-month price target of $32; believes company strategically positioned to grow revenue via access line ownership.
TiVo (TIVO) 8.50: Thomas Weisel upgrades to BUY from MKT PERFORM as company has been granted significant patent for their personal video recording technology.
Semtech Corp (SMTC) 27.01: Banc of America Sec upgrades to BUY from MKT PERFORM rating and price target of $35 as stock has declined over the last two sessions; sees pullback as opportunity for long-term investors to begin accumulating shares.
Nextel Comms (NXTL) 17.55: Thomas Weisel initiates coverage with a STRONG BUY; says differentiated product & prospects for enhanced capabilities should prove to be a great advantage.
ADTRAN (ADTN) 29.16: Morgan Stanley downgrades to NEUTRAL from OUTPERFORM citing earnings uncertainty, believes that cautious enterprise spending and lower capex could pressure C2001/2002 sales and earnings.
Sanmina (SANM) 33.20: Deutsche Bc Alex. Br downgrades electronics contract manufacturer to MKT PERFORM from BUY.
Phillips Petro (P) 65.90: Prudential downgrades to HOLD from STRONG BUY; ups price target to $65 from $62. Additionally upgrades Chevron (CHV) and Texaco (TX); says their top choices in the sector are Chevron, Conoco (COC), Marathon (MRO) and Texaco and are all about 10% below price targets and 25-35% below upside potential.
Cypress Semi (CY) 23.51: Provider of high-performance integrated circuit solutions names Arthur C. Woodward as senior vice president of Worldwide Manufacturing; Woodward will report directly to President and CEO T.J. Rodgers; see press release.
724 Solutions (SVNX) 9.06: Goldman Sachs initiates coverage with a MKT OUTPERFORM; believes that 724, with its focus on vertical industry specific applications and its new mobile Internet transaction platform, acquired with TANTAU, is the leading vendor in the emerging mobile Internet software space; does caution investors of high valuation, sees this as key risk.
TRICON Global (YUM) 44.65: Salomon Smth Brny upgrades to OUTPERFORM from NEUTRAL; raises Q201 EPS estimate by $0.03 to $0.73; cites a quicker-than-expected recovery trend at Taco Bell and more consistently positive comps at KFC than firm has been anticipating. Looking ahead, new advertising campaigns at Taco Bell and KFC could act as positive catalysts. Also, Pizza Hut should remain strong.
eBay (EBAY) 63.26: SG Cowen initiates coverage with a BUY; cites great business model, myriad growth drivers and solid management; says as evidence mounts that EBAY can easily and cheaply extend their model/platform would get more positive on the stock.
Ditech Corp (DITC) 16.53: Robertson Stephens downgrades to telecommunications equipment supplier to MKT PERFORM from BUY.
Marine Drilling (MRL) 26.55: CSFB upgrades to STRONG BUY from BUY; firm bases upgrade on MRL's planned merger with Pride International (PDE) with transaction expected to close in late 2001 and is subject to $50 mln in breakup fees; firm views deal as a positive for both companies as merger further consolidates the low end GOM jackup market, should generate $10 mln in cost savings and creates another large cap driller with better odds of participating in further consolidation.
KLA-Tencor (KLAC) 57.07: Prudential upgrades to STRONG BUY from ACCUMULATE. Additionally raises rating on Applied Materials (AMAT) and Teradyne (TER) to STRONG BUY from ACCUMULATE; sees end market stabilization, semiconductor revenue trend reversal, semi equipment order recovery, and emergence of new semi upcycle.
SkyWest (SKYW) 29.75: Airline operator reports Q4 earnings of $0.18 a share, $0.01 better than the First Call consensus of $0.17, vs year-ago earnings of $0.28; revenues rose 6.6% to $131.19 mln from a year-ago of $123.10 mln; see press release.
Brown-Forman (BF.B) 64.64: Reports Q4 earnings of $0.79 a share, in line with the First Call consensus, vs year-ago earnings of $0.76; revenues rose 2.0% to $507.60 mln from a year-ago of $497.70 mln; see press release. |
