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Börsipäev 15. detsember

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  • Morgan Stanley raises their tgt on Apple (AAPL 72.01) to $90 from $70, citing low penetration of iPods, further evidence of the "halo effect", expected new product introductions, and retail store expansion still in an early growth stage

    Goldman Sachs raises its implied value on EBAY to $54 from $46 due to the firm's higher EPS estimates as well as rolling forward its valuation. Firm raises Q4 rev/EPS ests to $1.312bn/0.22 from $1.266bn/0.21 vs consensus of $1.284bn/0.22. Firm also raises FY06 ests to $6.089bn/1.03 from $5.850bn/1.00 vs consensus of $5.878/1.01. The trends illustrate that eBay continues to unlock new growth via initiatives that open choke-points created by demand or supply constraints

    Bear Stearns downgrades Deutsche Telekom (DT 16.84) to Underperform from Peer Perform, as they see little upside due to net debt rising and cash flow contracting

    UBS upgrades KeyCorp (KEY 33.39) to Buy from Neutral with $39 tgt, as they believe the co is better positioned than most banks for the current environment given less exposure to a flat/inverted yield curve slowing industry-wide consumer loan/deposit growth and rising credit costs

    JP Morgan initiates Frontier Oil (FTO 41.53) with a Neutral, as they believe the co lacks diversification in its earnings stream relative to its large peers

    CSFB upgrades Avnet (AVT 23.60) to Outperform from Neutral with a $30 tgt, as they believe the current semi environment of low channel inventories combined with stable/increasing demand will continue into 2006

    CSFB upgrades their view of the Electronics Components sector to Overweight from Mkt Weight, saying most names are benefiting from solid demand, low channel inventories, and stabilizing prices and leadtimes (see also related AVT upgrade)

    Morgan Stanley raises their tgt on Union Pacific (UNP 76.51) to $91 from $80, as they believe that price increases for contracts currently rolling over are being signed at 20% or higher rates

    Citigroup upgrades Sandisk (SNDK 51.23) to Buy from Hold
    Citigroup upgrades SNDK to Buy from Hold and raises their tgt to $69 from $57, as they now have greater confidence that strong NAND demand will press supply capabilities despite new players such as Hynix and INTC/MU growing market share. Firm believes that vertically-integrated product players such as SNDK will benefit by taking share in memory card and USB drive, strenghtening its price-setter position, growing internationally, and expanding its MLC-based royalty stream

    Banc of America initiates TSO with a Buy, saying the co is their top pick among Refiners. Firm also initiates VLO, SUN, FTO with Neutrals. They believe the group will provide relatively good performance and should be owned, but after the sharp run-up say they would only be buying TSO. Firm sees Gulf Coast crack spreads rising to $11.50 average in '06, then gradually receding to $8.00 mid-cycle in '08. This view is less bullish near-term than some investors' views, but they view a pullback from the peak crack spreads as more gradual than some may expect

    Lehman upgrades ADC Telecom (ADCT 20.88) to Equal-Weight from Underweight and raises their tgt to $25.50 from $22, saying the new FY06 outlook is noticeably better than expected, and seems achievable despite worse than expected Jan Qtr guidance and a very back-end loaded full year plan

    Piper Jaffray downgrades Genesis Microchip (GNSS 20.58) to Underperform from Mkt Perform and cuts their tgt to $16 from $23, on near-term weakness in its LCD Monitor business

    Piper Jaffray notes that NFLX has slid precipitously over the last several days due to speculation and negative pressure on the stock by skeptics, and concerns regarding Video on Demand that they believe are unwarranted. Firm says that arguments for VoD hurting NFLX's business are neither new nor particularly compelling because they tend to focus on technical issues and not on business issues. Firm believes that NFLX remains the most viable and attractive value proposition for renting movies.

    Morgan Stanley increases estimates on a number of copper/mining names (FCX, PD, RIO, PCU tgt raised to $75 from $55) as the firm is increasing its copper forecast materially. Firm also raises ests on Alcoa (AA 28.49) on higher aluminum prices

    RATE Bankrate target raised to $36 from $23.50 at Roth

    ATVI Activision target cut to $11 at Prudential, aktsia -11% eelturul
    Prudential cut their ATVI tgt to $11 from $15 following co's preannouncement of light FQ306, FQ406 and FY06 guidance due to sales underperformance and expectations for weak reorder which will not offset aggresive marketing spend. They note that weak Nov NPD data suggested reorders would be light, which ATVI confirms. Firm believes weak reorders should affect other publishers, which they say puts all at risk for a preannouncement


    Digitimes reports WiMAX technology promises to satisfy a strong demand for mobile broadband, but competing technologies are significant threats, reports In-Stat. Despite much uncertainty in this market, the market research firm foresees the value of the WiMAX chipset market could reach as high as $950 million by 2009. "Competing technologies include the third-generation (3G) technologies on the cellular side (EV-DO Release 0, A, and B; HSDPA) and Wi-Fi (coupled with wireless mesh networking and MIMO enhancements within 802.11n) on the networking side," says Gemma Tedesco, In-Stat analyst. A recent report by In-Stat found that the WiMAX chipset market has a relatively small number of players, despite tremendous hype around WiMAX. So far for this year, Intel (INTC) and Fujitsu launched WiMAX PHY and MAC System-on-a-Chip (SoC) solutions, along with start-ups Sequans and Wavesat, the research firm indicated.
    Samas sektoris AIRN, ALVR

    Huvitav päev tulemas. Jälgiksin peale BSC ja GS kommentaare MER, LEH ja isegi AMTD, ET.
    Lisaks peale LEN tulevikuprognooside kinnitamist ja kvartalitulemuste löömist kogu majadeehitajate sektorit -TOL, KBH, PHM, DHI, BZH ja $HGX.

    Majandusstatistika:

    Initial claims 329k vs 320k consensus

    Empire Manufacturing 28.7 vs 18.5 consensus

    CPI -0.06% vs -0.4% consensus; Core CPI 0.2% vs 0.2% consensus

  • Homme on optsioonide aegumise reede, seepärast ei maksa imestada kui turg käitub täna kummaliselt.
  • PIR kukkus vastu põrandat kehvade maj. tulemuste ja tuleviku suhtes. Ei tea, kas põrand peab vastu?
  • Briefing kirjutab, et PIR on tax-loss aktsia kandidaat, et vahest hakkab jaanuaris taas kosuma
  • Ise pikk, investorina ( 3-5 aastat)

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