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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Grommit who wrote (30868)	5/7/2008 3:09:31 PM
From: Grommit	Respond to of 78627

S&P KEEPS BUY RECOMMENDATION ON AMERICAN CAPITAL STRATEGIES Wednesday 05/07/2008 11:37 AM ET - Standard & Poor's Research Notes Q1 operating EPS of $0.77 vs. $0.73 misses our estimate by a penny. Portfolio income was higher than we expected, fee income was lower, but costs were controlled. We think new investments are attractively priced, and should contribute to the growth of operating income. NAV declined sharply on investment markdowns, but assets held to maturity are largely performing in-line, and '08 looks secure, in our view. We are reducing our '08 operating earnings estimate to $3.04 from $3.27 on lower fee income, and cutting our target price by $2 to $38, 1.2X a lower projected NAV.