8:58AM ARM Holdings upgraded at Deutsche Bank (ARMHY) 10.10: Deutsche Bank out of Europe upgrades to BUY from Mkt Perform; firm believes concerns over declining deferred revs mask the strength of the long-term investment case, which is largely based around co's 2.5G/3G positioning; yet at current levels, share price seems to be discounting that 3G will not happen at all.
8:52AM QLogic upgraded at Legg Mason (QLGC) 38.26: Legg Mason upgrades to BUY from Mkt Perform after the co beat ests last night; bulk of co's HBA sales to OEMs done through JIT hub system, which indicates growth is from end-user demand, not OEM inventory rebuilds; QLGC well-positioned in SCSI disk drive chip biz for at least next 18 months, as biz remains strong at Fujitsu and Hitachi. Believes steep sell off yesterday was result of market's misinterpretation of IBM-related press release, and provides a good buying opportunity. Raises 2002-03 rev/EPS ests.
8:35AM Hewlett-Packard upgraded at Pru (HPQ) 18.41: Prudential upgrades to BUY from Hold as a result of their belief that: 1) while merger will be dilutive, firm sees downside risk in FY03 EPS to $1.20 but believes valuation is attractive at 15x the downside est; 2) channel inventory levels looking increasingly clean; 3) $1 bln charge will buy a fair amount of flexibility over next 2 qtrs; and 4) Q2 quarterly results appear on track. Remains skeptical longer-term about co's ability to leverage Compaq assets to differentiate HPQ's go-to-market strategy, but believes current valuation reflects this risk and that near-term catalysts can propel the stock. Price target is $24.
8:17AM Applied Materials may issue cautious bookings guidance-- Lehman (AMAT) 22.32: -- Update -- Lehman expects AMAT's Q2 results (May 14) to be mixed with in-line to better than expected results but perhaps worse than expected bookings guidance. Boosted by increased bookings and quote activity as well as selected pull-ins, firm expects mgmt to remain cautiously optimistic and provide sequentially higher guidance for Q3, but remain conservative on bookings guidance due to potential for summer seasonality. Maintains Mkt Perform rating.
8:10AM Anadigics increases Q2 guidance (ANAD) 8.58: Co now expects to post a Q2 loss of $0.29 a shareon revenues of approx. $23 mln. These figures compare favorably to current Multex consensus estimates of -$0.31 and $21.03 mln. ANAD cites demand from both existing and new wireless CDMA customers for the increased numbers.
7:37AM PMC-Sierra, Applied Micro Circuits upgraded at CIBC : CIBC upgrades PMCS and AMCC to BUY from Hold based on evidence that both the service provider and enterprise networking markets are stabilizing, which should limit further downside risk in the stocks; PMCS price target is $20 and AMCC price target is $8.
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