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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (34554)	10/1/2001 3:47:18 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68115

Juniper Networks (JNPR) 9.51 -0.19: -- Intraday -- Lazard Freres upgrades to BUY from HOLD; lowers price target to $16 from $30; cites sevral reasons for upgrade: 1) growth in IP router spending should resume within the next 12 months; 2) company is still well positioned to compete with an increasingly combative Cisco (CSCO) and to benefit from market growth long term; and 3) believes that the company is trading at an attractive valuation. Foundry Networks (FDRY) 6.23 +0.18: Company and Hewlett-Packard (HWP) announce a bundled solution for network usage management and accounting for service providers and carriers; comprehensive solution provides for non-intrusive usage data collection and includes the hardware, software, and services necessary to track and analyze network usage for increased profitability; see press release. Altera (ALTR) 16.32 -0.06: -- Before Open -- Needham & Co upgrades to STRONG BUY from BUY rating and price target of $22; although recent events could well cause additional pressures on near-term and intermediate-term results, firm believes sufficient allowance already has been made for long-term considerations; while firm is hardly incognizant of the challenges facing the demand equation, believes Altera's product offerings have never been better and the company's financial strength appears intact. SBC Comms (SBC) 46.85 -0.27: -- Before Open -- JP Morgan downgrades to long-term BUY from BUY; believes SBC's relative outperformance should peak in October based on firm's belief that we are in the midst of a 3-quarter recession; notes that, historically, the time to buy Bells has been before consensus agreed we were in a recession; while consolidation should ultimately benefit the Bells, the related near-term uncertainty should weigh on the relative multiple; in the near-term, the impact of the recession and the resulting cyclical slow down of spending at the enterprise should largely mute the fundamental impact of an improving competitive landscape, thus giving the Bells more time to take advantage of the multiple discrepancy. Qwest Comms (Q) 16.58 -0.12: -- Before Open -- JP Morgan downgrades to MARKET PERFORM from BUY; having acquired U S West, Qwest generates over 70% of its revenue from its local telecom division, and firm expects Qwest's local business to underperform like the rest of the Bells; furthermore, firm does not see any catalysts on the classic Qwest side of the business that will move the stock in the near-term; valuation on cash EPS basis won't compare favorably until mid-2002; firm looking to upgrade when the Bell multiples reach a trough and the market starts to rotate into high beta, late stage cyclical stocks.