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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: reaper who wrote (203653)	11/9/2002 8:09:27 AM
From: orkrious	Read Replies (1) of 436258

from RMpro Mark Haefele Countrywide Redux 11/08/02 10:02 PM EST This morning, UBS analyst Gary Gordon put out a report on Countrywide Credit (NYSE:CCR), reviewing its Q3 numbers and his Q4 projections. His major conclusions were that Q3 earnings power was substantially understated, and that Q4 earnings should be even better. While sticking to a $1.80 earnings estimate for Q4, he details why he thinks the true earnings power is over $4, using very reasonable assumptions. However, he expects most of that earnings power to be conservatively deferred forward. After Countrywide released its October production numbers, which I detailed earlier today, Mr. Gordon put out a second report, raising his earnings estimates and price target. Q4 earnings are now expected to be $1.90 from $1.80, and 2003 increased from $7.00 to a Street-high $7.50. His price target goes from $70 to $80. He now considers their Q4 earnings power to be $5. Countrywide is trading at less than 7 times Gordon's forward estimate. long CCR

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