CHANGE IN RATINGS
coverage initiated at Morgan Stanley with an equalweight rating and $53 price target.
downgraded at Morgan Stanley from equalweight to underweight and removes its $48 price target.
downgraded at Jefferies to Hold rating from buy on valuation. Price target and 2007 EPS estimates hold at $56 and $1.68.
upgraded at Goldman Sachs to Buy from Neutral based on valuation and expected strong cash flow. See overhang from November secondary offering as done, and believe management will make another accretive acquisition soon. Price target raised to $45 from $41.
downgraded at Goldman Sachs to Sell from Neutral based on what it sees as overly bullish estimates/sentiment regarding near-term earnings, as well as Goldman's estimates that Micron will have lost as much in the first two quarters of 2007 as it gained in the recent upturn. Expect weak DRAM pricing to be a negative catalyst. Price target cut to $10 from $12.
STOCK COMMENTS / EPS CHANGES
Credit Suisse is cutting its 2007 estimates on
to $4.00 from $4.60 to reflect subprime deterioration and lower mortgage bank profitability. Believe negative effects of subprime woes will abate in the second half of 2007. Price target lowered to $50 from $52 and maintained Outperform rating.
target raised at Piper Jaffray to $37. Estimates also raised, as the company is realizing higher sell-through rates. Profit should also benefit from positive FX rates. Market Perform rating.
Research In Motion
estimates higher at Goldman to $3.31 from $3.27. Believe the Pearl is on track to ship about 500,000 units in the May quarter, and estimate that the new subscriber rate could be about 1.2 million, above expectations for 1.05-1.1 million. Maintained Buy rating and $185 target.
estimates raised at Goldman to $0.94 from $0.91. See slightly higher growth in branded ads and search. See Panama benefiting results starting in Q1. Price target raised to $35 from $31.50 and maintained Neutral rating.