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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 474.15

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3:19 PM EST

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To: Susan G who wrote (15966)	4/18/2002 7:42:45 AM
From: Susan G	Read Replies (1) of 26752

So I guess DBAB is long IBM and Pru is short? <ggg> 07:31 ET IBM IBM upgraded at DBAB, estimates cut at Pru (84.81) DB Alex. Brown upgrades to STRONG BUY from Buy due to valuation, strong balance sheet, positive cash flow, share buyback commitment, annuity stream businesses, and mkt leadership; Price target is $110. On the other hand, Prudential says that Hold-rated IBM's Q1 was "worse than you think"; while mgmt expressed comfort with the revised FY02 consensus est of $4.16, firm doubts this is achievable given the gradual margin rebound and reduced below-the-line benefits; cuts FY02 ests to $3.75 from $4.08 and FY03 to $4.51 from $4.90 (both below consensus); price target is $81 07:32 ET AMD Advanced Micro downgraded by Merrill/Salomon (14.82) Merrill Lynch downgrades to long-term BUY from Strong Buy; says next few quarters look tough as company struggles to keep pace with Intel's (INTC) Northwood P4 and AMD's updated Hammer architecture doesn't ship until Q4. Salomon Smith Barney also downgrades to OUTPERFORM from Buy and cuts target to $17 from $25; concerned about weak unit shipments and severe competitive pricing pressure from INTC.

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