Broadpoint AmTech Upgrades Microsoft (MSFT) to Buy
- Top 10 News for 7/28 - 8/1: FOMC Tapers Further, Rates Still Intact; Jobs Growth Elusive in July; Argentina Defaults. Again.
- July Nonfarm Payrolls 209K vs 230K Expected, UE Rate 6.2% vs 6.1%
- Procter & Gamble Co. (PG) Tops Q4 EPS by 4c
- Mobileye (MBLY) IPO Opens at $36
- GM (GM) July U.S. Auto Sales Rose 9.4%, Missing Expectations Amid Double-Digit Pickup, SUV Gains
Broadpoint AmTech upgrades Microsoft (Nasdaq: MSFT) from Hold to Buy and raised their price target to $29, saying they are more optimistic regarding the upcoming holiday shopping season and initial demand when Windows 7 is released in October.
Analyst Yun Kim said their latest checks into the consumer PC market indicate better than expected back-to-school sales, which could lead to more positive Windows business in 2H of this calendar year than our initial expectation. Kim said, "we believe the consumer PC market (vs. the corporate PC market) represents the greatest source of variability in the company's overall business in the near-term, and that this positive trend could bolster its Windows business, which has been struggling over the past year, likely leading to greater stability in its overall financial performance.
Kim raised September quarter Windows sales estimates to $2.62B from $2.24B. The firm raised FY10 Client revenue to $16.23B, representing 10% growth vs. their previous estimate of $15.93B, representing 8% growth. F1Q EPS estimate has been raised to $0.33 from $0.30. FY10 estimate has been raised to $1.66 from $1.62. FY11 Client revenue growth rate has been raised to 10% from 8%.
Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php
You May Also Be Interested In
- Microsoft (MSFT) Windows 8.1 has Trouble Capturing Ground from Ebbing Windows XP in July
- BofA/Merrill Lynch Upgrades Neutral Tandem (TNDM) to Buy
- UPDATE: SunTrust Downgrades Web.com Group (WWWW) to Neutral
Create E-mail Alert Related CategoriesUpgrades
Related EntitiesAmerican Technology Research
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!