Analyst Actions: Nokia, Lowe's, Broadcom, Clorox
UBS Warburg
removed
Nokia
(NOK)
from its list of top-10 global technology stock picks this morning, causing a massive decline in the stock in Europe, and a drop in the stock in preopen trading on
Instinet
.
Shares of the Finnish mobile phone giant touched a two-year low on the European market after the move by UBS analyst Pip Coburn. No further details of Coburn's downgrade were immediately available.
Upgrades
Commerce Bancorp
(CBH)
: price target UP to $80 from $70 at
Lehman Brothers
.
Onis
TheStreet Recommends
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: Sales estimates UP to $217 million from $180 million in 2001; $360 million from $330 million in 2002 at
Credit Suisse First Boston
.
Goldman Sachs
has upgraded
Lowe's
(LOW)
after the home-improvement retailer said it would meet fourth-quarter estimates this morning. The stock was added to the recommended list from a previous market outperformer rating.
Downgrades
Taking a stick to this company, Lehman downgraded
Metricom
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: to market perform from strong buy. The price target was dropped to $8 from $100 after the company held a poor earnings call yesterday. Lehman, in a comment, wrote, "Metricom missed all major metrics in our model."
W.R. Hambrecht
was no more kind, downgrading the company to neutral from buy.
Broadcom
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: 2001 fiscal EPS DOWN to $1.35 from $1.55 at W.R. Hambrecht.
Clorox
(CLX)
: EPS estimates DOWN to 41 cents from 45 cents for the third quarter; to $1.70 from $1.75 for fiscal 2001.
Mohawk Industries
(MHK)
: DOWN to hold from buy at CSFB; 2001 estimates down to $2.75 from $3.30.
Power-One
(PWER)
: DOWN to market outperformer from trading buy at Goldman Sachs; lowered 2001
earnings per share to $1 from $1.35 and 2002 earnings per share estimate to $1.50 from $1.90.
Initiations
Sirius Satellite Radio
(SIRI)
: NEW market outperformer at Goldman.
