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Technology Stocks : Seagate Technology

STX 278.47

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Nov 6 4:00 PM EST

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From: duedilly	10/11/2006 3:47:04 PM
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Bell Microproducts: Baird Upgrades On Strength in Europe, Improved Disk Drive Demand Daniel Renouard, an analyst at Robert W. Baird, this morning raised his rating on the electronics distributor Bell Microproducts (BELM) to Outperform from Neutral, citing “strong European demand and improving hard drive datapoints among both enterprise resellers and distributors.” Renouard says a recent Baird survey of European resellers found 80% believed Q3 results were ahead of plan; 100% of surveyed distributors were above plan. “Difficulties in Europe plagued BELM in 2005 and into 2006,” the analyst reports. “We believe a rebound in European sales, combined with continued operating improvements from the restructuring should bolster earnings.” Noting that Bell gets 25%-30% of its revenue from reselling hard disk drives, Renouard reports that drive demand “began accelerating in late August.” Renouard expects profits of 45 cents a share this and 68 cents in 2007; he notes that his forecast for next year is about 7 cents above the Street. His price target for the stock is $8. Bell shares this morning have gained 36 cents, or more than 6.6%, to $5.80.

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