Analyst Actions: Gateway, Brocade, J.P. Morgan, Dow Jones
Banc of America Securities downgraded Gateway (GTW) this morning to buy from strong buy after the company posted second-quarter earnings of 37 cents per share yesterday, a penny above consensus estimates. Banc of America analysts said the computer maker's stock "isn't cheap" following a pre-earnings run-up. Several other analysts have reiterated existing recommendations on the company this morning.
Upgrades
Brocade
(BRCD)
: Price target UP to 250 from 175 at
Bear Stearns
.
Allegheny Energy
(AYE)
: UP to recommended list from market outperformer at
Goldman Sachs
; raised 2001 earnings estimates to $3.20 from $3.15 a share.
J.P. Morgan
(JPM) - Get Report
: UP to short-term buy from short-term accumulate at
Merrill Lynch
.
Pepsi Bottling Group
(PBG)
: Merrill Lynch raised 2000 earnings-per-share estimates to $1.50 from $1.35-$1.40; raised 2001 estimates to $1.75 from $1.70.
Pivotal
(PVTL) - Get Report
: UP to buy from accumulate at Merrill Lynch; price target: 70.
Downgrades
Dow Jones
(DJ)
: DOWN to market outperformer from recommened list at Goldman Sachs.
Initiations
Tibco Software
(TIBX)
: NEW strong buy at
Prudential Securities
; price target: 155.
eBay
(EBAY) - Get Report
: NEW strong buy at
Credit Suisse First Boston
; price target: 72.
Priceline.com
(PCLN)
: NEW buy at Credit Suisse First Boston; price target: 45.
Charles River Laboratories
(CRL) - Get Report
: NEW buy at
ING Barings
; price target: 38.
Group Moves
WR Hambrecht
initiated coverage of several Internet and Open Source-related companies:
- Cobalt Networks (COBT) , strong buy, price target: 70
- Red Hat (RHAT) , buy, price target: 40
- VA Linux Systems (LNUX) , buy, no target
- WindRiver Systems (WIND) , buy, price target: 45
UBS Warburg
initiated coverage of several household products stocks:
- Avon Products (AVP) - Get Report, buy, price target: 48
- Clorox (CLX) - Get Report, strong buy, price target: 58
- Colgate-Palmolive (CL) - Get Report, buy, price target: 62
- Gillette (G) - Get Report, strong buy, price target: 50
- Kimberly Clark (KMB) - Get Report, strong buy, price target: 75
- Procter & Gamble (PG) - Get Report, buy, price target: 80
