Morgan Stanley hit on Saipem

Analysts at Morgan Stanley judge still attractive to the sector. “We believe that economic recovery will lead the growth of demand, and therefore at least the stability of prices over the next two years,” they hear from the merchant . Among the different titles is interesting to Saipem. The study highlighted how it has been slightly polished the expectation of EPS Saipem 2002, which rose from 0.44 to 0.43 , but is instead increased the estimate for 2003 from 0.43 to 0.52 . Morgan Stanley expects profits for Saipem 2002-190 million against 168 million in 2001, which then rise to 231 million in 2003. Aumeteranno the income from 1.927 billion in 2001-2780 million for 2002 and 3.502 million in 2003.

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ABN Amro cuts credit rating on France Telecom

ABN Amro has lowered its recommendation on the title of Telecom, bringing it from buy to hold, and indicating a price target to 16 . For analysts the ’s Dutch , FT following the downgrade by Moody’s has strong liquidity and fill necesita to recover his debt. So a share issues seems inevitable. A reduction in the cash gap, emphasizes ABN Amro, reassure the and may have beneficial effects throughout the industry. Also, added the analysts, the French telecoms operator needs to resolve as soon as his battle with MobilCom. At this moment the title FT is accusing a loss of 13.96% Bulgarian dragging the share price to 9.12 .

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Saipem, UBS Warburg estimates raises

enter the good news for Saipem. Analysts at UBS Warburg raised their earnings estimates of 10 and 12% respectively over 2003 and 2004. The remains “buy” while the price target is at 8 .

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Bertoni: “Some buy opportunity after the descent”

The macroeconomic data are improving but the recovery may be slower than expected. This is the view of Karim Bertoni, an at Banque Syz & Co. in Geneva. “The recovery will translate into an improvement in the profits of but you have to wait and see the range of movement,” said Bertoni, “In general, however, the descent of the last few sessions has resulted in buy some opportunity to be evaluated according to the industry and fundamentals of . The descent in fact affected more or less all securities without fundamental reasons. It was more like a situation of panic selling. ” But then how to ? “Search for the interesting titles on the fundamentals,” he continues Bertoni, “including in the hi-tech. And ‘the case of Logitech, a Swiss that makes keyboards and mice for PC and steering wheels for the Playstation. Logitech has a good spread of products with prices quite content. For this series of reasons despite the crisis the of the Swiss has not decreased. Indeed. Growth rates are still high, so the title is to watch. Even pharmaceuticals have lost much, but groups like Novartis, which is among other things, the second largest producer of generic drugs in the world, remains an attractive investment. “

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Vivendi Universal: KBC confirms buy, target € 55

Analysts at KBC Securities maintains a buy recommendation on Vivendi Universal, with a target price of 55 . The sale of Canal Digital for 290 million represents a first step towards the consolidation of the and reducing debt. Moreover, according to analysts, the transaction adds clarity to the strategy in the Nordic Canal Plus. At this time, Vivendi Universal share exchanges in Paris 28.18 EUR (+1.08%).

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London, for Lehman upgrades mmO2

Analysts at Lehman Brothers have revised upward their opinion on the title of telecom mmO2. The previous assessment of undepreform Today the Council is to perform. It remains unchanged target price of 55 pence. The decision was made because mmO2 has paid more than other difficult period for the industry, although it remains under the magnifying glass the strategy to be adopted in the of Germany and England.

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Mediolanum in red, downgrade from MSDW

Mediolanum down by 0.3%, in contrast with the Mib 30 index after Morgan Stanley has decided to lower its to “equal weight” to “underweight” with a target price of 5, 96 . To penalize the title, according to analysts at MSDW, excessive quotation, in terms of multiple sull’embedded value.

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Nomura: “Sentiment against on Nokia and Ericsson”

The downward revision of estimates from Intel is having a devastating effect on European , especially in the TMT sector. Nokia is currently traded at 13.44 (-5.1%), low for the last three years, while Ericsson slips into the smallest of 1997, passing from hand to 19.10 kroner (-5.5%). Richard Windsor, at Nomura Securities, believes that such performance is mainly due to a sentiment against, compromise further after statements from Intel. Now, says Windsor, reduces the chances of a successful exit from Nokia in the next “update” on the quarter, scheduled for next Tuesday.

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BNL downhill towards the 2 euro

down towards the 2 will forfeit the title to Bnl by 2.28%. The title of the Davide Croff is currently the worst of the price list of Mib30. “At these prices the discount that the merger with MPS is not done,” says one , “It ‘would increase the gap between the prices of two titles.

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GlaxoSmithKline and ‘equal-weight for M. Stanley

Analysts at Morgan Stanley express an opinion on GlaxoSmithKline particularly cautious in light of recent patent implications Augmentin. The offered by the American investment is equal-weight, with u fair value of 1,600 pence. The title now switches to share 1451 pence, down 1, 4%.

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