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As illustrated in our DCF analysis in Exhibit 5, our $24 price target implies 5% long-term revenue growth and LT operating margins of 10%..
1
positive
Management indicated the company has a healthy acquisition pipeline, with 200 acquisition opportunities identified in 14 states across the Southeast and Southwest. Management intends to be very.
1
positive
Valuation and Rating Analysis The company is currently trading at 1.8X C05E sales versus its comparable company average of 1.2X sales.
0
neutral
All other (Wireless Communications and Computing Group, the Communications Products Group, the Network communications Group, and the New Business Group) revenues grew 48% year-over-year.
1
positive
These banks own the ATM machines, represent the merchants, and issue the credit/debit cards used in the transaction.
0
neutral
The increase in our revenue forecast drives a $0.05 increase in our EPS estimate to $1.48 (up 16% year over year).
1
positive
Numerous risks exist to our valuation and outlook for Xerox and, therefore, to the stock achieving or exceeding our target price.
2
negative
Unimpaired claimants comprise 70% of the company's current backlog, while claimants with cancer comprise only approximately 10%.
0
neutral
Namely, a significant expansion of revenue opportunities directly related to Solectron's peerless success in executing the EMS business model.
1
positive
Our new 2004 estimates are $7.75/share in EPS and $18.67/share in cash flows, versus our prior estimates of $6.86/share and $17.64/share, respectively.
0
neutral
The proposed MediaOne deal accelerates even more AT&T's de-emphasis of traditional circuit-switched telephony in proportion to the overall AT&T growth story.
1
positive
Roche estimates that there would be a decrease in demand in 2007 due to the stock piling of inventory by governments in case of a bird flu outbreak already having taken place.
2
negative
Mattel has increasingly emphasized its core brands, which have demonstrated sustainable demand, worldwide appeal and profitability.
1
positive
We still expect the stock to be in the mid-$60s by early 2003..
0
neutral
Electronics' sales increased 8%, mainly due to higher E-O, IR, ISR, and communication revenues.
1
positive
Excluding computers, comps were up roughly 6% in the quarter..
1
positive
On this basis, profit per ton declined to $105 from $162 in the third quarter.
2
negative
We are also publishing our F02 EPS estimates of $1.88 on revenues of $2.785 billion.
0
neutral
In addition to turning profitable, the possible renegotiation to extend at least half of its $7 billion revolver beyond 10/02 is an important event for the stock price over the next 10 months.
1
positive
Given flattish desktop ASPs, we estimate Intel's desktop unit shipments decline about 3-4% sequentially, slightly better than the 5+% sequential decline for desktop units that we believe to be normal seasonality in the June quarter for the market as a whole.
1
positive
Another risk here is the current investigation into whether or not one of Boeing's former employees gave Boeing preferential treatment with respect to winning contracts for the Air Force dating as far back as 2000.
2
negative
Overall credit quality remained very high, with only 30 basis points in non-accruing loans vs. 32 basis.
1
positive
The bank is also growing its on-line client base by at least 15,000 accounts per month.
1
positive
The forecast for 2009 projected a growth range of 15%-20% on the top line.
1
positive
Freddie Mac Announces Delay of Earnings Restatement Freddie Mac announced yesterday that its earnings restatement would be delayed.
0
neutral
Although there are applications in which monolithic columns are limited, they do represent significant competing technology for the Acquity UPLC..
0
neutral
Combined with strong y/y growth, this leadership has attracted the attention of some large software ISVs in June, Microsoft acquired GeCAD Software, a Romanian antivirus vendor.
1
positive
the industry; 2) consistent record of execution and; 3) potential for improved operating leverage, a premium valuation is warranted.
1
positive
The company said they are using a population of HIV patients to assess the risk factors of developing PML and hope to apply the knowledge to the MS community in hopes of identifying high-risk patients.
0
neutral
Nonetheless, 3M has tended to be faster on the rebound than the broader economy, and in recent years this has been augmented by 3M's greater exposure to Asia and higher-growth, higher-margin electronics (Optical Films).
1
positive
Still, these results were encouraging, particularly the strength in FTTX revenues given our thesis that telecom carriers are firmly committed to building out their fiber optic networks in response to the competitive threat from cable operators.
1
positive
Should the anticipated recovery in the US economy fail or be short-lived our estimates would need to be reviewed due to the cyclical nature of the advertising-supported businesses, which are correlated to the economy.
2
negative
Convergys expect IMG operating margins "could improve" sequentially.
1
positive
� To date, L-P has completed: (1) the sale of its 65% jointventure Irish OSB facility, (2) the sale of the particleboard facility in Arcadia, CA, (3) the swap with Georgia-Pacific (GP, $13.75, Neutral, TP $14) of four plywood mills and an MDF plant for G-P's Woodland, ME OSB facility, (4) a tract of LA timberland,...
0
neutral
In the December quarter, management plans to reach breakeven in the broadband access division with Mindspeed expected to consume another $20 million in cash.
0
neutral
Visibility for this product should improve in the second half of 2000..
1
positive
In the institutional business, MWD had large ($10b) outflows last year, and this has already stabilized.
0
neutral
We are also evaluating the case for multiple expansion..
0
neutral
LOW's guided 4Q operating margins down 20 bpts, with gross margin expansion offset by expense deleveraging.
2
negative
GTEH's efforts to expand other nonregulated operations in Hawaii and the Pacific Rim countries also heighten its business-risk profile.
2
negative
Industry carload growth is tracking down 3.3% yr/yr through Week 24, approximately 2.5 percentage points below our forecast and below the -2.8% reported in Q1'07.
2
negative
In addition, the state is considering a proposal to allow the machines to pay out in coins rather than paper chits..
0
neutral
NBR's current valuation suggests significant upside, against relatively limited downside, we believe.
1
positive
We maintain our target price of $46 per share and our Hold rating on Caterpillar..
2
negative
In addition, Anadarko is currently drilling a delineation well at its Tarantula (APC 100% WI) sub-salt discovery.
0
neutral
We continue to look for price rollbacks at WalMart to total approximately $10 billion in 1999, up from about $6 billion in 1998.
0
neutral
He does not have a non-compete that would keep him from going to another organization, although we do not know of any immediate plans.
0
neutral
We believe the FD-May merger represents a compelling opportunity given the industry rationalizing, consolidating, cash generating and margin-expanding nature of the deal, and that multiple expansion above FD's 10-year historical average CY P/E of 13x is likely.
1
positive
(Evidence of this progress can be seen in EFXs recently announced global contract win from National Australia Bank, which will contribute to revenue beginning in 2Q01.) For the whole of EFX, revenue increased nearly 8% over the same quarter a year ago after adjusting to exclude acquisitions, divestitures, and exchange ...
1
positive
Based on lower revenue expectations for the December quarter, the company believes inventory days at Xilinx and their distributors should be at the high-end of Xilinx's corporate target of 150-180 days versus 158 days at the end of the September quarter.
2
negative
The international business is still powering ahead, growing by double-digits on a constant exchange basis.
1
positive
Of particular interest, management indicated that more than 50% of deals in 2Q03 were with customers that had the customer assurance program as part of their contract.
0
neutral
Rural Markets Offer More Favorable Subscriber Economics With less competition for both primary and secondary lines, we believe ALLTEL should capture better subscriber economics and outperform the RBOCs that operate predominantly in more densely populated markets.
1
positive
Harley-Davidson's motorcycle shipments rose about 10%.
1
positive
The management works overtime to drive the business towards a consolidated, more streamlined organization.
1
positive
We recognize that this value does not assume the significant earnings potential of the Eckerd franchise.
1
positive
CIP draws in hundreds of device manufacturers, thus facilitating interoperability with the Logix Integrated architecture.
0
neutral
Following the acquisition of Bestfoods in 2000, Unilever targeted synergies of 0.8 billion (150 bps margin improvement), to be achieved through a mixture of purchasing and restructuring savings.
0
neutral
Gross margins were 50 basis points lower than expected, implying incremental margins at the low end of the company's guidance of 60-70%.
2
negative
The advertising and promotion ratio was 15.1% vs. 15.8%, whereas we had expected 15.8%.
0
neutral
We believe CVG should improve disclosure on the emerging Employee Care biz.
2
negative
Reduced financial and operating leverage should lead to less cyclicality in earnings, and potentially a higher valuation multiple.
1
positive
The weakness in margins was attributable to the small appliance business of West Bend and market conditions for Florida Tile..
2
negative
Management predicts this will grow to 16,500 route miles by the end of 2003.
1
positive
(a) Normalized earnings exclude the impact of foreign exchange and extraordinary items.
0
neutral
As a reminder, Genentech acquired Biogen Idec's NIMO Oceanside, California biologics manufacturing facility in an all cash transaction valued at approximately $408 million.
0
neutral
The lion's share of the investment appears to be Digital Video Recorders (DVRs).
0
neutral
The original biotechnology products were introduced to the market in the early 1980s.
0
neutral
For the second quarter, earnings totaled $0.45 per share, a 20% decline from the year-ag 01 beriod and 5 cents below expectations.
2
negative
Two years from now we expect cash will have risen to about $9-11 per share as management aggressively reduces net owned inventory.
1
positive
We are now assuming revenue growth of only 9% in 2004 versus our prior estimate of 16%.
0
neutral
In general, we do not think that Applied Materials can outgrow the industry average based on currently served markets.
0
neutral
Competitors are unlikely to replicate this structure, which would give United a meaningful advantage in competing for business in Nevada, since physician costs represent about 45% of overall health expenditures.
1
positive
While the estimated $100 million GNS partners spent last year is small relative to American Express' overall marketing and promotional spending, it does represent incremental investment and provides benefits to American Express beyond the fees and revenues GNS partnerships generate.
1
positive
We have reduced our fourth quarter estimate to $0.67 per share from $0.97 per share, reflecting management's estimates.
2
negative
Our estimate for the year was $2.76 and the First Call consensus was $2.81.
0
neutral
PFE trades at 8.0x our 09E EPS, a 31% discount to its peers; the disc.
0
neutral
In a deflationary market like the one for PCs, a deflationary price curve for PC components is necessary to maintain profitability.
2
negative
1 Excluding tax-effected goodwill amortization in accordance with FAS 142..
0
neutral
In addition, with its dual European nationality (Dutch and British), RD Shell operates in countries where some US rivals are not active, such as Iran.
1
positive
Given Disney's comments during its F-3Q conference call that the `7 For 4' promotion was helping to increase bookings and that F-4Q attendance / occupancy were running up mid to high single digits, our `7 For 4' analysis indicates that Disney could be in position to post a near flat yr/yr EBITA quarter at its Theme.
0
neutral
The revenue results were negatively impacted by weak sales of equipment into the enterprise market.
2
negative
Weakness in Japan and Latin America.Top sellers: Cher, Tim McGraw, Kid Rock.
1
positive
In the last quarter, management products grew 13% y/y, and now account for roughly 11% of total revenue.
1
positive
Cash is transferred from LNC to Swiss Re only as claims are paid.
0
neutral
Searching for Answers: comScore December U.S. Search Data; Yahoo Maintains U.S. Market Share.
0
neutral
While this capability is not mandated by Homeland Security, treatment plants that implement this system eliminate their liability if a poison were to enter the system through a terrorist attack.
1
positive
WACC over this entire recovery period is forecast at 8.7%.
0
neutral
We estimate that Southwest's savings over the life of the contract to be at least 15% (less than what it otherwise would have been)..
2
negative
However, the probability of any significant changes is still very low, so we view this mostly as noise rather predictive of major restructuring or fundamental changes.
0
neutral
In the near term, we expect KBH to face higher legal and accounting fees, and for management and the board to face further distractions at a time when the company's operating fundamentals continue to deteriorate.
2
negative
Key highlights of Q2/08 are as follows: 1. TSS renewed a long-term agreement with Target Corporation (TGT-$45.89) to service its REDcard portfolio.
0
neutral
Johnson' s controls business ($3.9 billion in revenue) splits along three broad lines - Systems (39% of controls revenues), Services (13.6%) and integrated facilities management (47.4%).
0
neutral
Uninterrupted Power Solutions Growth: With 36% global market share for lead-acid batteries, and good growth opportunities in new technologies, we think PS is JCI's best opportunity for uninterrupted growth.
1
positive
Experts suggest new anti-money laundering initiatives will cost at least $100 million annually, with most of the investment going to enhanced technology and software.
1
positive
Diesel pollutants are primarily NOx (nitrous oxide) and soot particulates, and there is a constant trade-off between NOx and soot in tuning the engine (which is why it is also difficult to remove both in one catalyst unit).
0
neutral
There always seems to be some level of nervousness in the market about whether Handspring (HAND, $11, not rated) will continue to license the Palm OS or not.
2
negative
Reassuringly for this leader in downstream leverage, the downstream surprised.
1
positive
Frankly, our hunch is that any "cutback" in ION will be much less with far less EPS benefit than some expect.
2
negative
Therefore, the advertising.com revenue growth is much higher on a pro-forma basis.
1
positive