Analyst Actions: Cypress Semiconductor, Micron, Broadcom, Redback
Prudential Securities
downgraded
Cypress Semiconductor
(CY) - Get Cypress Semiconductor Corporation Report
to accumulate from strong buy. The firm believes further upward estimate revisions are unlikely and that visibility for future quarters is not as strong as it has been for the last several quarters. Prudential also cut its price target to $42 from $75.
Micron Technology
(MU) - Get Micron Technology Inc. Report
was upgraded to strong buy from buy and its 12-month price target was upped to $50 from $40 at
Banc of America
, but its 2001 EPS estimate was downgraded to $2 from $3.70 at
ABN Amro
.
Upgrades
MGM Mirage
(MGG)
: UP to buy from neutral at
TheStreet Recommends
Salomon Smith Barney
.
Public Service Enterprise Group
(PEG) - Get Public Service Enterprise Group Incorporated Report
: UP to buy from add at ABN Amro.
Downgrades
Altera
(ALTR) - Get Altair Engineering Inc. Report
: fourth-quarter EPS view to 31 cents from 32 cents at
Lehman Brothers
and 2001 EPS estimate to $1.40 from $1.45.
Broadcom
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: price target DOWN to $200 from $300 at Salomon.
Xilinx
(XLNX) - Get Xilinx Inc. Report
: 2001 EPS view DOWN to $1.28 from $1.30 at Lehman and 2002 EPS view down to $1.72 from $1.82.
Initiations
BEA Systems
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: NEW buy at
UBS Warburg
; price target: $75.
Energy Partners
(EPL)
: NEW intermediate and long-term buy at
Merrill Lynch
; 12-month price target: $19.
Inverness Medical Technology
(IMA)
: NEW buy at UBS Warburg: price target: $44.
Redback Networks
(RBAK)
: NEW buy at
W.R. Hambrecht
; price target: $120.
