Business Services Industry
Zacks Analyst Blog Highlights: Genentech, Inc., KeyCorp, Fifth Third Bancorp., Comerica Inc. and Altera Corp
Business Wire, Oct 17, 2008
CHICAGO -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Genentech, Inc. (NYSE: DNA), KeyCorp (NYSE: KEY), Fifth Third Bancorp. (Nasdaq: FITB), Comerica Inc. (NYSE: CMA) and Altera Corp. (Nasdaq: ALTR).
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Here are highlights from Thursday's Analyst Blog:
DNA a Crucial Building Block
Genentech, Inc. (NYSE: DNA) is one of the world's largest biotechnology companies. It currently manufactures and sells over a dozen biotechnology products in the U.S., and licenses additional products to other companies to earn royalties.
We are reiterating our rating on Genentech at Buy, and moving our target price to $100 per share. We remind investors that we upgraded the name in February 2008 based on the Accelerated Approval of Avastin for 1st-line metastatic breast cancer. Since that time, Avastin sales have outpaced expectations.
It's Not Working
The stock market is not the storm, it is the barometer. The real storm is in the credit market, particularly the short term credit market. That is what is doing the real harm to Main Street, not the drop in the Dow.
In particular, stay away from the financials, particularly those that have not gotten the sweetheart equity injection. Names like KeyCorp (NYSE: KEY) Fifth Third (Nasdaq: FITB) and Comerica (NYSE: CMA) spring to mind as the sorts of stocks to avoid.
Altera In-Line, Stays a Buy
Altera Corp. (Nasdaq: ALTR), a company which designs, manufactures, and markets a broad range of high-performance, high-density programmable logic devices (PLDs), reported Q3:FY08 revenues of $356.8 million, up 13% from a year ago but down 0.8% sequentially, and in line with our estimate of $355 million.
The gross margin improved to 67.1% from 63.8% generated in Q3:07 and was essentially flat with the previous quarter. Operating margin came in at 31.7%, compared to 20.3% in the prior year quarter and 31.5% in the previous quarter. GAAP EPS came in at $0.31, a penny better than our estimate. Going forward, management expects revenues to go up by 1% or down 3% sequentially in Q4:FY08.
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About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
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About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=4580.
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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
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