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Technology Stocks : NVT - Source of GPS Software, Data, and Maps

NVT 112.46

+2.6%

Nov 5 3:59 PM EST

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From: JakeStraw	5/19/2006 11:35:09 AM
	of 211

Navteq Shares Surge on Upgrade biz.yahoo.com Friday May 19, 11:15 am ET Navteq Shares Surge on Analyst Upgrade Saying Reaction to 1Q Results Was Overblown NEW YORK (AP) -- Shares of digital navigation system maker Navteq Corp. shot up in morning trading on Friday after an analyst upgraded the stock and said the market may have overreacted to its first-quarter results. In April, the company reported earnings of 17 cents per share, a nearly 4 percent drop from last year, which came in four cents below analysts' expectations. Piper Jaffray analyst Brett Manderfeld upgraded the stock to "Outperform" from "Market Perform," and said investors may have unfairly punished the stock. "The stock is off nearly 25 percent from first-quarter results reported less than a month ago and is now trading roughly $9 below our target," Manderfeld wrote in a note. "We continue to view Navteq's business model and long-term growth prospects as the best in our coverage space." Manderfeld has a $51 price target on the stock, and expects the company to earn $1.18 per share on $589.1 million in revenue for the year. Analysts polled by Thomson Financial expect the company to earn, on average, $1.22 per share on $602.4 million in revenue.

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