(See Bold below)
11/7/99 Seattle Times F2
1999 WL 6298301
The Seattle Times
Copyright 1999
Sunday, November 7, 1999
BUSINESS
STOCK TALK
ANALYSTS UPGRADE ACKERLEY, SAY IT'S CHEAP AT THE PRICE
GREG HEBERLEIN
TIMES BUSINESS REPORTER
Here are recent brokerage-house and investment-advisory opinions
affecting Pacific Northwest stocks. The Seattle Times neither advises
against nor recommends purchase of these stocks. Stock symbols and
stock quotations are listed in parentheses, the latter reflecting
prices when reports were issued. Ratings definitions vary, but most
companies have five rankings, which are, from highest to lowest:
-- Strong buy, buy or highest.
-- Buy/accumulate, accumulate, mild buy, outperform, attractive
or above average.
-- Neutral, hold, reasonably priced, average or market perform.
-- Mild sell, unattractive, below average or underperform.
-- Sell, lowest.
Ackerley Group (AK, $14.188) was upgraded to "buy" from
"accumulate" on an intermediate basis by Keith Fawcett at the Merrill
Lynch brokerage in New York. The long-term rating remained "buy."
Fawcett said Ackerley's private-market worth would be $34 to $38 a
share. Applying a discounting factor, the stock is worth $20 to $23.
"Ackerley is trading at an unreasonably wide discount to its private
market value," Fawcett wrote. (Report issued 10/26)
Ackerley was hoisted to "strong buy" by First Union Securities'
James Boyler, who said after the $300 million asset sale in Florida,
other sales could beckon. The Seattle company owns billboards and
other out-of-home advertising, television and radio stations, and the
Seattle SuperSonics basketball team. (10/27)
Airborne Freight (ABF, $20.875) Analyst: Mary Fleckenstein, Ragen
MacKenzie. Recommendation: Accumulate. Comment: The stock already
discounts slower business. Buy at $20 or less. (10/28)
Alaska Air (ALK, $37.438) Analyst: Peter Jacobs, Ragen MacKenzie.
Recommendation: Accumulate. Comment: Price target remains $50 over 18
months. (10/22)
AVT (AVTC, $26.688) Analyst: Edward Jackson, U.S. Bancorp Piper
Jaffray. Recommendation: Strong buy. Comment: Deal with Lotus is big.
Rating and $45 target price repeated. (10/27)
Cavanaughs Hospitality (CVH, $7.563) Analyst: James Bellessa, D.A.
Davidson. Recommendation: Neutral. Comment: Rating cut from
"outperform" after low-end results. (10/26)
Frontier Financial (FTBK, $22.375) Analyst: R. Jay Tejera, Ragen
MacKenzie. Recommendation: Accumulate. Comment: Quarterly results
were excellent. (10/19)
GST Telecom (GSTX, $7.50) Analyst: Brent Bracelin, Pacific Crest
Securities. Recommendation: Strong buy. Comment: GST remains a top
acquisition target. (10/29)
ImageX.com (IMGX, $13.188) Analyst: Jonathan Geurkink, Ragen
MacKenzie. Recommendation: Accumulate. Comment: This could be an
Amazon-like company in Internet printing services. Target price: $26.
(10/28)
InterWest Bancorp (IWBK, $18.313) Analyst: Thomas Carley, D.A.
Davidson. Recommendation: Outperform. Comment: Higher costs cut
estimates, but the franchise is solid. Target price: $24. (10/29)
Nextlink (NXLK, $58.063) Analyst: Brent Bracelin, Pacific Crest
Securities. Recommendation: Strong buy. Comment: All's well, but with
move to Virginia and year-end concerns coming, short-term gains are
limited. (11/2)
Nordstrom (JWN, $23.75) Analyst: Laurie Breidenbach, Ragen
MacKenzie. Recommendation: Accumulate. Comment: Rating upped one
notch because of price weakness. Buy below $25. (10/25)
Potlatch (PCH, $40.938) Analyst: Dan Nelson, Ragen MacKenzie.
Recommendation: Market perform. Comment: Great results. Target price:
$48-$50 over 12 months. (10/18)
Primus Knowledge Solutions (PKSI, $38.25) Analyst: Mark Verbeck,
U.S. Bancorp Piper Jaffray. Recommendation: Buy. Comment: Price
target raised to $50 from $30. (10/27)
SonoSite (SONO, $28) Analyst: Andrew Heyward, Ragen MacKenzie.
Recommendation: Market perform. Comment: Company expects to turn
profitable next year. (10/21)
SpaceLabs Medical (SLMD, $14.625) Analyst: Thomas Carley, D.A.
Davidson. Recommendation: Outperform. Comment: SpaceLabs remains an
attractive takeover candidate. Target price: $19. (10/27)
Wash. Federal (WFSL, $23) Analyst (1): Mario Ferro, Value Line.
Recommendation: Average. Comment: "An attractive long-term
investment." (10/29) Analyst (2): Melba Bartels, Ragen MacKenzie.
Recommendation: Market perform. Comment: Twelve-month price target
cut to $25. (10/25)
Wash. Mutual (WM, $29) Analyst (1): R. Jay Tejera, Ragen
MacKenzie. Recommendation: Accumulate. Comment: Business goes well,
but higher interest rates impede stock progress. (10/21) Analyst (2):
Robert Mitkowski Jr., Value Line. Recommendation: Average. Comment:
Price should improve as rates stabilize. (10/29)
Greg Heberlein's phone message number is 206-464-2267. His e-mail
address is: gheberlein@seattletimes.com
---- INDEX REFERENCES ----
COMPANY (TICKER): U.S. Bancorp; D.A. Davidson & Co. (USB X.DAV) |
