Monday, March 28, 2005

Morning Buy/Sell Recommendations

Goldman Sachs:
- Reiterated Outperform on ADP, FSL and MRVL.
- Reiterated Underperform on MU.

Smith Barney:
- Upgraded ISIL to Buy, target $22.
- Reiterated Buy on HAL, target $56.
- Said interest rate worries seem overblown, as do inflation worries, given that labor costs are under control and commodity prices are a tiny share of total costs.
- Reiterated Buy on WMT, target $65.
- Reiterated Buy on Semi Equipment stocks, favorites are AMAT, WFR, MYK and LRCX.
- Said total semi short interest ratio for over 60 US traded semi companies increased .4 days or 17% m/m to 3.1 days in March from 2.6 days in February.

Banc of America:
- Upgraded TOL to Buy.

Bear Stearns:
- Reiterated Outperform on ITW, target $101.

Lehman Brothers:
- Raised IVX to Outperform, target $26.
- Reiterated Overweight on MOVI, target $30.

Merrill Lynch:
- Reiterated Buy on CMVT, target $30.

Morgan Stanley:
- Rated ANR Overweight, target $36.

JP Morgan:
- Rated ICGN Overweight.
- Rated WXS Overweight.

CSFB:
- Raised AMTD to Outperform, target $14.
- Rated WXS Outperform, target $22.
- Raised TAP to Outperform, target $100.

Deutsche Bank:
- Rated BGFV Outperform, target $30.
- Rated TSA Buy, target $31.
- Raised CELL to Buy, target $24.

UBS:
- Downgraded GM to Reduce, target $20.
- Reiterated Buy on LTM, target $38.
- Reiterated Buy on TLWT, target $21.
- Reiterated Buy on SLR, target $5.5.
- Reiterated Buy on GR, target $47.

Jeffries:
- Raised ORB to Buy, target $12.

Piper Jaffray:
- Raised GME to Outperform, target $30.
- Raised ELBO to Outperform, target $50.

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