Sun Slips on Downgrade
Sun Microsystems (SUNW) - Get Report was down 1.1% in late morning amid reaction from a pair of analyst actions.Merrill Lynch analyst Thomas Kraemer lowered his long-term rating on Sun and on Hewlett-Packard (HWP) to accumulate from buy.
Kraemer said hardware pricing is going to be pressured by a slowdown in data storage areas. He also cut his price target on data storage leader
EMC
(EMC)
to $43 from $48.
Also today,
Deutsche Banc Alex. Brown
initiated coveraged on all three companies with strong buy recommendations. Deutsche set a price target of $40 for H-P, $50 for EMC and $30 for Sun.
Hewlett-Packard was up 1.2%, while EMC was roughly flat.
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