Analyst Actions: Dell, Intel, Disney, Aventis
Morgan Stanley Dean Witter
has
cut its rating on
Dell
(DELL) - Get Dell Technologies Inc. Class C Report
this morning to neutral from outperform after the company reported earnings Thursday. The PC maker said revenue is likely to grow more slowly than anticipated for fiscal 2002, and the stock was falling in preopen trading.
Morgan Stanley cut its fiscal 2002 earnings estimates to $1.07 from $1.10. Other analysts also have reacted today to the report.
Chase Hambrecht & Quist
cut its earnings estimates to $1.12 from $1.15 for fiscal 2002, but maintained its market perform rating.
Bear Stearns
reiterated its neutral rating.
Credit Suisse First Boston
lowered its 2002 estimates to $1.08 from $1.10, and fiscal 2003 estimates to $1.25 from $1.30.
Robertson Stephens
assumed coverage of the stock this morning with a market perform rating, and said it was "cautious about the company's prospects of demonstrating consistent top-line growth moving forward in the face of declining gross and operating margins."
ING Barings
TheStreet Recommends
maintained a buy rating, but lowered earnings estimates to $1.13 from $1.16 for fiscal 2002.
Morgan Stanley
downgraded
Intel
(INTC) - Get Intel Corporation Report
this morning. The chipmaker, which manufactures chips for PC makers like Dell, was losing ground in preopen trading, down $4.38 to $37, a 10% loss. Morgan Stanley cut 2000 earnings to $1.68 from $1.70, and cut 2001 earnings to $1.65 from $1.75.
Disney
(DIS) - Get The Walt Disney Company Report
has been sent in two different directions this morning. It has been downgraded to market perform from buy at
Deutsche Banc Alex. Brown
, after the company reported earnings of 20 cents a share for the fiscal fourth quarter. The brokerage firm also lowered fiscal 2001 earnings estimates to $1.02 from $1.07, citing worries about the broadcasting sector and the economy.
Salomon Smith Barney
dropped the company's stock to an outperform from buy, and lowered fiscal 2001 estimates to 97 cents from $1.02 and fiscal 2002 to $1.12 from $1.17.
Meanwhile, CSFB upgraded the company's stock to strong buy from buy.
Upgrades
Buckle
(BKE) - Get Buckle Inc. (The) Report
: UP to buy from hold at CSFB; fiscal 2000 earnings per share estimate UP to $1.54 from $1.50; fiscal 2001 estimate up to $1.75 from $1.65.
Compagnie Generale de Geophysique
(GGY)
: UP to buy from outperform at Salomon; price target: $22.
Rayovac
(ROV)
: UP to strong buy from accumulate at
Prudential Securities
.
Downgrades
Aventis
(AVE)
: DOWN to hold from accumulate at
Commerzbank
.
Harrah's
(HET)
: DOWN to hold from buy at
UBS Warburg
.
Initiations
Andrx
(ADRX)
: NEW buy at CSFB; price target: $17.
Asia Global Crossing
(AGCX)
: NEW buy at
Merrill Lynch
; price target: $17.
Comverse Technology
(CMVT)
: NEW buy at CSFB; price target: $128.
Introgen Therapeutics
(INGN) - Get Inogen Inc Report
: NEW strong buy at UBS Warburg.
Metasolv
(MSLV)
: NEW buy at Alex. Brown.
Micromuse
(MUSE)
: NEW buy at Alex. Brown.
Portal Software
(PRSF)
: NEW buy at Alex. Brown.
Sybron International
(SYB)
: NEW buy at CSFB; price target: $38.
Group Moves
Merrill Lynch raised price targets on several beverage stocks:
- Coca-Cola (KO) - Get Coca-Cola Company (The) Report: UP to $78 from $75.
Pepsi (PEP) - Get PepsiCo Inc. Report: UP to $60 from $55.
Anheuser-Busch (BUD) - Get Anheuser-Busch Inbev SA Sponsored ADR (Belgium) Report: UP to $52 from $46.
Salomon initiated coverage on three reinsurance companies:
- Everest Re (RE) - Get Everest Re Group Ltd. Report: outperform, price target: $67.
Mutual Risk Management (MM) : neutral.
ReniassanceRe (RNR) - Get RenaissanceRe Holdings Ltd. Report: buy; price target: $83.
