Reliant Res (RRI) 33.35 -0.85: -- Update -- Banc of America initiates coverage with a STRONG BUY rating and price target of $52;
says RRI is leading energy merchant company that is capitalizing on deregulated markets; RRI has consistently ranked in top five of US
marketers in electricity and gas; management team has been able to optimize its assets with trading, marketing and risk management; sees
visible opportunity for 25-30% earnings growth rate through 2005 driven by growth of wholesale energy business.
Urologix (ULGX) 26.82 -0.97: CE Unterberg Towbin downgrades to NEUTRAL from BUY based on its current market valuation of
$363 mln and the potential of new competition to limit market penetration; says company's market capitalization has increased impressively
under capable management, more than tripling over last 6 months; however, firm is concerned that new competition may stunt growth and is
waiting for additional data on these competitors before recommending buying additional shares of Urologix.
EMC Corp (EMC) 35.00 -2.10: Company will reduce its worldwide workforce by about 4%, or about 1,100 people, over the course
of the next several weeks in order to lower operating expenses and ensure maximum flexibility in seizing opportunities as the economy
stabilizes; see press release.
09:30 -- 10:00 ET (Updated throughout the hour)******
Vicor Corp (VICR) 23.10 +1.00: CIBC World Markets initiates coverage on power electronics manufacturer with a BUY rating and
price target of $30; cites VICR's 70% of sales to the DC/DC converter market, the fastest growing and most profitable segment in the
power electronics industry; says VICR is able to achieve the highest margins in the industry due to business mix, proprietary standards, and
its highly automated manufacturing processes; believes once the yield/efficiency problems associated with its 2nd generation products are
resolved, there could be significant upside potential to current margins, which should accelerate an earnings recovery in the soon-anticipated
cyclical upturn.
Financial Inst. (FISI) 23.88 -0.22: CIBC World Markets downgrades to HOLD from BUY based on price; says FISI has surpassed its
fundamental price target of $19 and has been the best performing stock in firm's small-cap bank universe year todate, up 76.3%;
longer-term FISI's fundamental outlook remains favorable.
INCO Limited (N) 19.50 +0.24: Goldman Sachs upgrades to MARKET OUTPERFORM from MARKET PERFORM due to
attractive valuation multiples relative to its North American base metal peer group, improved development prospects, and stronger nickel
prices due to supply constraints. |
