Analyst Actions: Applied Materials, Avon, Wachovia, Johnson & Johnson
Credit Suisse First Boston's
John Pitzer cut
Applied Materials'
(AMAT) - Get Applied Materials Inc. Report
2001 earnings projections to $2.85 a share from $3.25 a share. He said in a research note that his firm is worried about growth in Applied Materials' April quarter.
"We have perhaps a more bearish view than most on the length of the current inventory correction. We are lowering our 2001 capital growth estimate from 10% to 15% to 0% to 5%"
Pitzer said he believed the company would meet its upcoming fourth-quarter earnings forecasts in the range of 73 cents a share to 75 cents. Pitzer's estimate for the quarter is 77 cents share, which he said "may be above the high end." The
First Call/Thomson Financial
26-analyst estimate is 76 cents a share for the quarter.
SG Cowen
said it expects Applied Materials to meet fourth-quarter EPS estimates of 76 cents a share.
Upgrades
Avon Products
(AVP) - Get Avon Products, Inc. Report
: 12-month price target UP to $60 from $48 at CSFB.
PNC Financial Services
TheStreet Recommends
(PNC) - Get PNC Financial Services Group Inc. (The) Report
: 12-month price target UP to $85 from $75 at
UBS Warburg
.
TCF Financial
(TCB)
: price target UP to $52 from $47 at
Lehman Brothers
.
USFreightways
(USFC)
: UP to strong buy from buy at CSFB.
Downgrades
Firstar
(FSR) - Get Fisker Inc. Class A Report
: 12-month price target DOWN to $26 from $35 at UBS Warburg.
SunTrust Banks
(STI) - Get SunTrust Banks, Inc. Report
: 12-month price target DOWN to $65 from $70 at UBS Warburg.
Wachovia
(WB) - Get Weibo Corporation Report
: 12-month price target DOWN to $60 from $50 at UBS Warburg.
Initiations
Ixia
(XXIA)
: NEW intermediate accumulate and NEW long-term buy at
Merrill Lynch
.
Johnson & Johnson
(JNJ) - Get Johnson & Johnson Report
: NEW add rating at
ABN Amro
and 12-month price target of $107 a share.
