Nasdaq 100 jätkuvalt vastupanu all:
Citigroup kommenteerib Monster Worldwide Inc (MNST) ning kinnitab oma ostusoovitust. Peale 15-protsendilist kukkumistusuvad nad, et pikaajaline investeerimistees on jõus. Hinnasiht $55.
Reiterating Buy on MNST — Shares have traded off 15%+ in the wake of a Q1negative pre-release on April 4th. While clearly a negative development, we stillbelieve there is a very viable MNST Long thesis, though shares are likely in thepenalty box for some time. Long Thesis Is... 1) Europe provides significant leverage opportunity;2) Competitive position in Europe & U.S. remains strong; 3) Very likely marginexpansion = one of the highest EPS growth outlooks in the Net sector;4) Significant (& now greater) likelihood of buybacks; 5) Hedge against slowingU.S. labor mkt w/international diversification and ad exposure (though latterweakened). Reducing Estimates and Target Price — 2007 revenue goes from $1,398MM to$1,361MM, EPS from $1.65 to $1.57. PT declines from $60 to $55 (14X ’08EV/EBITDA or 26X ’08 EPS) with 24% CAGR for ’06-’09 EBITDA per share.
JMP Securities downgrades CheckFree (CKFR 38.14) to Outperform from Strong Buy, with a $42 tgt, saying they have incremental information that provides the firm with a greater degree of certainty that Bank of America is planning to transition the payment warehouse portion of its online billpay processing in-house over an unspecified period
Wachovia upgrades Gap (GPS 18.34) to Outperfrom from Market Perform saying they are beginning to see a path for the turnaround to unfold. The firms says stepping stones on the horizon include: a better-than-expected Spring season, stemming from modest merchandising improvements starting with Old Navy and GapKids, leading to upside in margins and EPS, the potential for more aggressive cost cutting by late Spring and Summer and better product at Old Navy by the Fall when new leadership has fully impacted the assortment
JMP downgrades Dendreon Corp (DNDN 22.15) to Outperform from Strong Buy and raises their tgt to $24 from $20 based on valuation. The firm says upside scenarios exist, but Dendreon's near-term valuation nearing the top
Goldman upgrades Infosys Tech (INFY 52.56) to Buy from Neutral
Friedman Billings notes that following their Asia trip in mid-March, they think earnings guidance is likely to be fairly muted across the analog group, given seasonal weakness that appears likely to continue into 2Q. Firm thinks that this view created some disappointment among investors, given the "bottoming" commentary provided by many companies in mid-1Q, and likely precipitated the pullback they saw over the last two weeks. That said, firm thinks expectations have by now been largely reset, and they still think most names in their group have the potential to show upside during the seasonally stronger 2H. Firm would view any weakness resulting from 2Q guidance as a buying opportunity, with NSM, ISIL, and ONNN among their favorites.