UPDATE 1-Lehman raises Compaq price target to $13
(adds details)
NEW YORK, Dec 3 (Reuters) - Lehman Bros. said analyst
Daniel Niles on Monday raised his 12-month price target for
Compaq Computer Corp. <CPQ.N> to $13 from $10, saying that he
believes Compaq had a strong October and November.
Niles said that Europe remains strong and that the North
American consumer market has bounced back since the terror
attacks on Sept. 11. He also said that corporate customers have
stuck with Compaq despite its proposed merger.
But Niles also said that given the dramatic slodown last
year in December and concerns about corporate spending freezes,
Compaq's December is probably "significantly down" from
November.
Niles said that he still believes the chances for the
company's merger with Hewlett-Packard Co. <HWP.N> are 75
percent, although a meeting of the board of the Packard
Foundation, a key shareholder, on Dec. 7 could be a negative.
The company announced plans for the merger on Sept. 4 but
Wall Street has reacted negatively and some shareholders,
including members of the Packard and Hewlett families, say they
intend to vote against it.
Compaq shares rose 1.3 percent to $10.28 in early trading
Monday on the New York Stock Exchange. Their 52-week trading
range is $7.28 to $24.97.
((Caroline Humer, New York Technology desk, 1 646 223-6181,
caroline.humer@reuters.com))
REUTERS
Sorry if I'm repeating.
NW |
