Analyst Actions: DoubleClick, Red Hat, GM, WebMD - TheStreet

Just in case you'd forgotten about her,

Goldman Sachs'

strategist Abby Joseph Cohen said this morning that the

S&P 500

index is undervalued by about 15% and reiterated her year-end S&P target of 1575. That's pretty remarkable, because in order to get there, the S&P would have to rise 18.4% in about two-and-a-half months to get there.

Cohen's

comments in years past seemed prudent and reassuring; she was notable for reassuring the market in the midst of the Asian meltdown in late 1998. The strategist last spoke Oct. 3 to calm investors, but like any other strategist, she isn't bigger than the market, which has declined steadily despite her long-term bullishness.

Opinions vary on

DoubleClick

(DCLK)

this morning.

Credit Suisse First Boston

started coverage on the company today with a buy rating and a price target of $25, while

ING Barings

lowered its price target to $35 a share from $55, maintaining its buy rating.

SG Cowen

also dropped its rating on the company, to buy from strong buy. The Internet marketing company reported earnings of 3 cents a share last night for the third quarter, but concerns about a weak Internet advertising market smacked the stock in after-hours and preopen trading. The stock was lately at $13.50, one-tenth of its 52-week high of $135.25.

Upgrades

Pinnacle West

(PNW) - Get Report

: UP to buy from hold at CSFB.

Wisconsin Energy

(WEC) - Get Report

: UP to buy from hold at CSFB.

Blackrock

(BLK) - Get Report

: UP to outperfrom from neutral at

Lehman Brothers

; price target: $42; 2000 earnings per share estimate to $1.34 from $1.33; 2001 EPS estimate to $1.64 from $1.60.

Diamond Technology

(DTPI)

: UP to strong buy at

W.R. Hambrecht

; price target: $90.

Red Hat

(RHAT)

: UP to buy at W.R. Hambrecht; price target: $30.

Downgrades

General Motors

(GM) - Get Report

: DOWN at CSFB: 2000 earnings per share to $9.22 from $9.77; 2001 earnings per share to $9.70 from $10.10. Lehman downgraded the company last night and cut earnings estimates also.

Infonet

(IN)

:

ABN Amro

dropped it from its "top pick" list to its buy list; price target: $25.

Costco

(COST) - Get Report

: DOWN to hold from buy at ING Barings.

Initiations

Web MD

(HLTH)

: NEW buy at

UBS Warburg

.

Group Moves

CSFB initiated coverage on the PC hardware industry:

  • Apple (AAPL) - Get Report: NEW buy; price target: $32.
  • Compaq (CPQ) : NEW strong buy; price target: $43.
  • Dell (DELL) - Get Report: NEW hold; price target: $33.
  • Gateway (GTW) : NEW strong buy; price target: $70.
  • IBM (IBM) - Get Report: NEW hold; price target: $138.
  • Hewlett-Packard (HWP) : NEW hold; price target: $115.
  • Network Engines (NENG) : NEW buy; price target: $50.
  • Ingram Micro (IM) : NEW hold; price target: $18.
  • Tech Data (TSCD) : NEW hold; price target: $45.