08:20 ET CIEN Ciena downgraded at Legg Mason (7.39)
Legg Mason downgrades to Hold from Buy based on valuation, as the stock has exceeded their $7 target.
08:36 ET Smith Barney initiates coverage on Broadcasting stocks
Smith Barney initiates coverage of the Broadcasting sector with an Overweight rating, and starts BLC, CCU, WON, and CXR with Outperform ratings; ETM, ROIAK, and UVN with In-Line ratings; and EVC with an Underperform rating. Firm's bullish stance reflects their view that radio and TV rev growth will accelerate into the high single digits in 2004 vs growth of 3% in 2003, which does not appear to be discounted yet.
08:35 ET NT Nortel target upped to $5 at Legg Mason (4.54)
Legg Mason is raising its target price on NT from $4.50 to $5 as the firm believes yesterday's Bell Canada announcement has more strategic importance to Nortel than the dollar figure might otherwise indicate. That Canada's largest telco announced it is making a definitive move to IP infrastructure, just days after Verizon Wireless did means that the deployment of this technology, which Nortel has clear market leadership in, is rapidly accelerating.
08:37 ET ONNN ON Semiconductor raises Q3 revenue growth outlook (5.46)
Raises Q3 revenue guidance from flat with Q203 revenues to 1-2% growth sequentially. ONNN reported revenues of $256.2 in Q2, so 1-2% growth implies revenue guidance of $258.8-$261.3 mln vs Reuters Research consensus of $257.5 mln. Company cites strength in August booking trends, growth in backlog, strength in wireless and consumer businesses for increased guidance. |
