Analyst Actions: marchFirst, Broadcom, Safeway, ExxonMobil

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marchFirst

(MRCH)

, a much-bloodied member of the much-bloodied

TheStreet.com Internet Sector

index, looks ready to receive another punch in the face.

Credit Suisse First Boston

had some not-so-nice things to say about the Internet services firm, lowering its revenue and fiscal estimates, while eliminating its price target entirely.

Fourth-quarter earnings estimates were lowered for the third time since the third quarter, dropped to a 30 cent per share loss from a 14 cent loss. Fourth-quarter revenue estimates were lowered to $235 million from $275 million. Fiscal 2001 earnings estimates were cut to a 30 cent loss from a 10 cent gain. And fiscal 2001 revenue estimates were cut to $1.05 billion from $1.35 billion. To make matters worse, CSFB eliminated its price target on the company, "given uncertainty remaining in model."

CSFB said it was concerned with the company's "near-term cash crunch" and cited softening sales and a bad customer base -- 40% of marchFirst's customers are floundering dot-coms -- as additional reasons for the lowered expectations. According to CSFB, the company might even need to unload some assets to help alleviate the tight cash situation.

Upgrades

Broadcom

(BRCM)

: UP to strong buy from outperform at

Morgan Stanley Dean Witter

, price target: $225.

Forest Hill Capital

(FHCC)

: UP at

Salomon Smith Barney

, price target to $63 from $46.

Jack Henry

(JHKY)

: UP to strong buy from accumulate at

Prudential Securities

.

Safeway

(SWY)

: UP at

Merrill Lynch

, price target to $80 from $60.

Downgrades

ChipPAC

(CHPC)

: DOWN at Credit Suisse First Boston, 2000 EPS to 36 cents from 50 cents, 2001 EPS to 47 cents from $1.00, price target to $10 from $17.

Creedence Systems

(CMOS)

: DOWN at

ABN Amro

, price target to $45 from $60, 2001 EPS to $3 from $4.

ExxonMobil

(XOM) - Get Report

: DOWN to add from buy at ABN Amro.

Initiations

Adaptec

(ADPT) - Get Report

: NEW neutral at

Salomon Smith Barney

; price target: $15.

P&O Princess

(POC)

: NEW outperform at Salomon Smith Barney; price target: $16.90.

Thermo Electron

(TMO) - Get Report

: NEW buy at

UBS Warburg

; price target: $40.