Wachovia Upgrades Sun Microsystems (JAVA) to Outperform
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Wachovia upgrades Sun Microsystems (NASDAQ: JAVA) from Market Perform to Outperform with a $15 to $18 valuation range.
The firm said, "We find that even with our lower-than-consensus expectations, there could still be some good upside potential to Sun’s current stock price, given what we believe to be reasonable valuation multiples. In addition, HP’s (NYSE: HPQ) preliminary April 2008 quarter results, in which HP reported sales that were above its original guidance, suggest to us that the global computer demand environment, while perhaps a little soft, has not deteriorated drastically."
In addition, analysts believe Sun has demonstrated a commitment to cost cutting and will likely result in sustained profitability when the computer infrastructure end market recovers.
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