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Technology Stocks : All About Sun Microsystems - News Only
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To: Rusty Johnson who wrote (16)7/24/1999 10:37:00 AM
From: Sonki   of 36
 
Several Wall Street firms raised their ratings or earnings
estimates for SUN MICROSYSTEMS INC following its
stronger-than-expected quarterly earnings. Merrill Lynch raised
Sun to near-term buy from accumulate, with a price target of $81.
Merrill downgraded the stock after Sun's previous earnings report
due to valuation concerns. Salomon Smith Barney upgraded Sun to
outperform from neutral. Salomon's new target price on the stock
is $80, up from $55. The new target is based on a 42 P/E multiple
on a calendar 2000 EPS estimate of $1.90. Morgan Stanley raised
its fiscal 2000 earnings estimate on Sun to $1.75 a share from
$1.72. (Reuters 11:04 AM ET 07/23/99)

----------
ABN Amro said it is maintaining its hold rating on SUN
MICROSYSTEMS INC for the time being based on Y2K concerns.
Analysts Jonathan Ross and Robert Chen said in a report the
company is more comfortable about Y2K than it had been at the
beginning of the year, but there still seems a lot of uncertainty.
Said long-term challenges remain regarding Wintel platform and
Linux. Said fiscal 4Q earnings were better than they had expected
because of improvements in SG&A efficiencies, lower R&D spending,
and higher-than-expected interest income. Trimmed earnings
estimate for fiscal year 2000 to $1.66 from $1.77. (Reuters 11:38
AM ET 07/23/99)

* Several Wall Street firms raised their ratings or earnings
estimates for SUN MICROSYSTEMS INC following its
stronger-than-expected quarterly earnings. Merrill Lynch raised
Sun to near-term buy from accumulate, with a price target of $81.
Merrill downgraded the stock after Sun's previous earnings report
due to valuation concerns. Salomon Smith Barney upgraded Sun to
outperform from neutral. Salomon's new target price on the stock
is $80, up from $55. The new target is based on a 42 P/E multiple
on a calendar 2000 EPS estimate of $1.90. Morgan Stanley raised
its fiscal 2000 earnings estimate on Sun to $1.75 a share from
$1.72.

* SUN MICROSYSTEMS INC CFO Michael Lehman said the company filed a
shelf offering with the U.S. SEC to raise up to $4 bln through the
sale of common stock, preferred stock or debt securities. "We want
to be ready to take full advantage of the opportunities," Lehman
told analysts told analysts on a conference call. "We do not have
any major planned acquisitions at this time. We have a number of
initiatives that we plan to pursue that will let us use our
balance sheet to encourage growth." The company also said
financing debt was cheaper than equity, given the current interest
rate climate. Lehman said the net impact of any such financing
would not dilute future earnings. (Reuters 08:04 PM ET 07/22/99)
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