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Technology Stocks : All About Sun Microsystems
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To: Stormweaver who wrote (62695)1/28/2005 11:50:26 AM
From: Luce Wildebeest  Read Replies (1) of 64865
 
NEW YORK (MarketWatch) -- Shares of Sun Microsystems climbed 1.9 percent to $4.20 in pre-market trade Friday, bolstered by a Sanford Bernstein upgrade of the shares to "market perform" from "underperform" in a valuation call. Analyst Toni Sacconaghi told clients his earlier downgrade of the shares had been predicated on the belief that the stock was too expensive and that the company was likely to miss second quarter earnings expectations. "Given that SUNW did miss Q2 expectations and the stock has underperformed the market by 20 percent year-to-date, we believe SUNW's valuation now presents fairly balanced upside and downside potential," Sacconaghi wrote in a research note. Sacconaghi also noted that the company's upcoming analyst day could fuel positive sentiment.
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