Goldman Sachs Research Summary (APR 10, 2007)
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Earnings estimates INCREASED: Cooper Industries (NYSE: CBE), Illinois Tool Works (NYSE: ITW), 1-800-FLOWERS (Nasdaq: FLWS), Tenneco (NYSE: TEN), Aracruz Celulose S.A. (NYSE: ARA), Nighthawk Radiology (Nasdaq: NHWK).
Earnings estimates DECREASED: Microsoft (Nasdaq: MSFT), Seagate Tech (NYSE: STX), Valspar (NYSE: VAL), Halliburton (NYSE: HAL), US Airways Group (NYSE: LCC).
Software research coverage transfers: Oracle (Nasdaq: ORCL) was raised from Neutral to Buy; Autodesk (Nasdaq: ADSK) was raised from Neutral to Buy.
Microsoft is actually part of a research coverage transfer inside of Goldman Sachs. Goldman is maintaining its neutral stance on the overall software sector. Microsoft was maintained as a BUY, with the timing noted as key ahead of revenue acceleration and a compelling valuation. The buy rating is maintained, but MSFT is coming off of the CONVICTION BUY LIST, partly since it has been up 25% versus the S&P move of 16% since it was added to the list on June 26, 2006. The same is attributed to the Oracle note, although the new analyst there has moved Oracle to its BUY LIST from a neutral coverage.
Goldman is also raising estimates for GM (NYSE: GM) and Ford (NYSE: F): Ford estimates in Q1 raised from -$0.81 to a narrower loss of -$0.45 (consensus -$0.63). GM estimates raised from $1.25 from $1.11 (consensus $0.83). Goldman thinks the most leverage will come from potential UAW concessions, but it sees little ultimate upside from either company. Goldman has more of a “long bias” to the names.
Halliburton estimates being cut reflects the new ex=KBR structure. New EPS Estimates: 2007 $1.95; 2008 $2.48; 2009 $2.82. Goldman maintained its $35 price target.
Jon C. Ogg
April 10 2007
For more market insight go to http://www.247wallst.com/
Earnings estimates INCREASED: Cooper Industries (NYSE: CBE), Illinois Tool Works (NYSE: ITW), 1-800-FLOWERS (Nasdaq: FLWS), Tenneco (NYSE: TEN), Aracruz Celulose S.A. (NYSE: ARA), Nighthawk Radiology (Nasdaq: NHWK).
Earnings estimates DECREASED: Microsoft (Nasdaq: MSFT), Seagate Tech (NYSE: STX), Valspar (NYSE: VAL), Halliburton (NYSE: HAL), US Airways Group (NYSE: LCC).
Software research coverage transfers: Oracle (Nasdaq: ORCL) was raised from Neutral to Buy; Autodesk (Nasdaq: ADSK) was raised from Neutral to Buy.
Microsoft is actually part of a research coverage transfer inside of Goldman Sachs. Goldman is maintaining its neutral stance on the overall software sector. Microsoft was maintained as a BUY, with the timing noted as key ahead of revenue acceleration and a compelling valuation. The buy rating is maintained, but MSFT is coming off of the CONVICTION BUY LIST, partly since it has been up 25% versus the S&P move of 16% since it was added to the list on June 26, 2006. The same is attributed to the Oracle note, although the new analyst there has moved Oracle to its BUY LIST from a neutral coverage.
Goldman is also raising estimates for GM (NYSE: GM) and Ford (NYSE: F): Ford estimates in Q1 raised from -$0.81 to a narrower loss of -$0.45 (consensus -$0.63). GM estimates raised from $1.25 from $1.11 (consensus $0.83). Goldman thinks the most leverage will come from potential UAW concessions, but it sees little ultimate upside from either company. Goldman has more of a “long bias” to the names.
Halliburton estimates being cut reflects the new ex=KBR structure. New EPS Estimates: 2007 $1.95; 2008 $2.48; 2009 $2.82. Goldman maintained its $35 price target.
Jon C. Ogg
April 10 2007
For more market insight go to http://www.247wallst.com/
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