07:26 ET Emulex (EMLX) 38.60: JP Morgan upgrades to BUY from Long-Term Buy and adds to Focus List due to strong biz momentum and upside from current levels; the co beat ests last night by a wide margin and is benefiting from multiple positive trends in the SAN industry: seasonal rebound at OEM customers (particularly CPQ and IBM), new product launches by those customers, increasing mkt share, and a shift to 2Gb/s products. Raises Q3 rev/EPS ests to $66.0 mln/$0.13 from $56.0 mln/$0.09, and raises CY02 ests to $286.0 mln/$0.55 from $252.0 mln/$0.43; raises price target to $56 from $35.
07:08 ET Mercury Interactive (MERQ) 29.29: Robertson Stephens upgrades to BUY from Mkt Perform, citing: 1) field checks and co's Dec results point to a stabilization in the app testing mkt after several qtrs of contraction, 2) as leader in group, co stands to be a principal beneficiary of any improvement in new custom app development over next 6-12 months, 3) high degree of confidence in co's ability to meet March qtr ests. Raises FY02 rev/EPS ests to $409 mln/$0.69 from $372 mln/$0.62.
07:06 ET Tellabs (TLAB) 15.07: Co posts Q4 net of $0.03 a share, $0.01 better than consensus. Rev fell to $470 mln, topping consensus of $445.75 mln. Co seeing signs of stability in the U.S. driven by demand for co's metro optical networking products.
06:58 ET JP Morgan on Semi Equipment : -- Update -- JP Morgan upgrades a number of semi equipment stocks, saying the worst is over for the group; firm believes that a bottom in equipment orders has been reached and is reflecting positive inflection point; valuations are also more reasonable after the pullback due to recent capex cut announcements from TSM, INTC, and Samsung. Upgrades NVLS, AMAT, KLAC, TER, and VSEA to Long-Term BUY from Mkt Perform.
06:52 ET Pfizer (PFE) 40.80: Posts Q4 net of $0.34 a share, in line with consensus. Rev rose 12% to $9.03 bln (consensus $8.89 bln). Co remains comfortable with 2002 range of $1.56-$1.60 (consensus $1.59). For 2003 and 2004, continues to target double-digit revenue growth and average annual EPS growth of 15% or better. |
