Analyst Actions: Cisco, Nortel, Tellabs, Hutchison Technology, Baxter
Updated from 10:12 a.m. EDT
Donaldson Lufkin & Jenrette
started
Cisco
(CSCO) - Get Report
,
Nortel Networks
(NT)
and
Tellabs
(TLAB)
with buy ratings.
Upgrades
May Department Stores
(MAY)
: UP to buy from hold at
ING Barings
.
Trimble Navigation
(TRMB) - Get Report
: UP to strong buy from buy at
Banc of America
; price target: 54.
Downgrades
Applied Science
(ASTX)
: DOWN to attractive from buy at
Paine Webber
; price target down to 20 from 35.
Garden.com
(GDEN) - Get Report
: DOWN to market neutral from buy at
W.R. Hambrecht
.
National Computer Systems
(NCS) - Get Report
: DOWN to market perform from strong buy at
Thomas Weisel
.
Initiations
Baxter International
(BAX) - Get Report
: NEW buy at ING Barings.
Commnuity Health Systems
(CYH) - Get Report
: NEW buy at
UBS Warburg
; price target: 28.
GlobeSspan
(GSPN)
: NEW outperform at
Morgan Stanley Dean Witter
; price target: 175.
Pain Therapeutics
(PTIE)
: NEW buy at Thomas Weisel; price target: 26.
Sunrise Telecom
(SRTI)
: NEW buy at
CIBC World Markets
; price target: 55.
Group Moves
Banc of America started coverage of
Adolph Coors
(RKY)
and
Anheuser-Busch
(BUD) - Get Report
with buy ratings.
Salomon Smith Barney
lowered its ratings and target prices on several hard disk drive and component stocks based on a recent turn for the worse in second half outlook. Salomon said it believes it will take longer than it had previously expected for the industry to fundamentally improve. Salomon also initiated coverage of one general technology stock.
- Hutchison Technology (HTCH) : DOWN to neutral speculative from buy; price target down to 16.50 in 12 months from 40 in 18 months.
Maxtor (MXTR) DOWN to outperform from buy; price target: down to 7 from 16.
Orbitech (MXTR) NEW outperform; price target: 105
Read-Rite (RDRT) DOWN to outperform from buy; price target down to 5.50 in 12 months from 8 in 18 months.
Quantum (HDD) price target: DOWN to 9.50 in 12 months from 15 in 18 months.
