Advanced Micro (AMD) 28.06 -1.37: Earlier today, ABN AMRO initiates coverage with a ADD and a $36 target; firm estimates AMD will earn $1.45 in 2001 and $1.75 in 2002; believes AMD is more competitive in microprocessors today than it has been in 7 or 8 years; says company is taking share from INTC and as a result, financial performance should be among the best in the industry this year.
Micron Tech (MU) 36.40 -1.58: -- Update -- Earlier today, ABN AMRO initiates coverage with a BUY and a $52 target; believes MU is arguably the best managed company in the industry; expects that they will continue to gain share in the DRAM business; says MU's relentless growth of market share has been the result of management's unyielding focus on being the low-cost supplier of memory.
Boyd Gaming (BYD) 4.86 +0.35: In morning note, Bear Stearns upgrades to ATTRACTIVE from NEUTRAL; firm's increased enthusiasm stems from belief that Boyd has a solid pipeline of potential growth opportunities including the acquisition of Delta Downs in the short-term and the opening of the Borgata over the longer-term; believes company's core operations should continue to generate steady growth, while operations at the two Sam's Town properties should begin to stabilize in the latter half of the year.
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Universal Health (UHS) 79.01 +1.21: In morning note, Legg Mason upgrades to BUY from MARKET PERFORM based on valuation; firm notes stock has declined 30% year-to-date, is trading at 90% of the market multiple, and has the potential to appreciate nearly 25% to firm's estimate of its fair value of $95 per share; in addition to its defensive characteristics, believes UHS is capable of 15%-17% EPS growth per year through 2005.
Horizon Organic (HCOW) 6.95 +0.40: In morning note, Tucker Anthony Sutro upgrades to STRONG BUY from MARKET PERFORM based on improving earnings outlook; says U.S. growth prospects remain strong due to new products, increasing organic dairy sections, and rising conventional dairy prices; business conditions improving due to rising dairy prices and parity of supply/demand.
RealNetworks (RNWK) 10.98 +0.36: In Morning note, Raymond James upgrades to BUY from MARKET PERFORM as firm believes the recent price weakness creates attractive valuation; firm's price target is $13.75 per share; weakness reflects concerns that RealNetworks may be booted from its relationship with AOL and replaced by Microsoft on an exclusive basis; firm believe such concerns are excessive.
Cedar Fair, L.P. (FUN) 22.85 -0.20: In morning note, AG Edwards downgrades to MAINTAIN POSITION from ACCUMULATE as stock has reached firm's $23 price objective; while good weather in the critical park attendance periods of June-August could provide further modest price appreciation, firm prefers to stick to valuation discipline and take profits in FUN at current levels; also notes that in each of the last three years, the price of FUN stock has peaked on a seasonal basis during May.
C.R. Bard (BCR) 56.08 +10.08: -- Update -- Prudential downgrades to HOLD from BUY; firm says they are lowering their rating now that the company is being sold at a premium to our previous price target of $55.
Sara Lee (SLE) 18.90 -0.25: Company warns for Y02, expecting $1.25-1.35 vs current First Call EPS estimate of $1.48; company cites several factors that will impact to its results for the next fiscal year, including challenging retail market conditions, a strong dollar relative to the euro, and substantial technology and reorganization investments; see press release. |
