Company News for March 5, 2010 - Corporate Summary
• Marvell Tech (NASDAQ:MRVL) swung to a fourth quarter profit on strength in its new communication chips. Adjusted earnings jumped to 40 cents a share, up from last year's five cents, on revenues that rose 64% to $842.5 million. Results topped the firm's earlier forecast of 33-39 cent results on $820-$850 million in revenues. Goldman Sachs (NYSE:GS) this morning maintained its "buy" rating, and lifted the price target to $24 from $22
• Sprint (NYSE:S) received a corporate rating downgrade and senior unsecured debt rating decrease from Standard & Poor's to BB- from BB. Analysts there cautioned, "The rating action reflects our view that post-paid subscriber losses will continue to pressure revenue and cash flow despite growth in the pre-paid business."
• Lazard upgraded Allergan (NYSE:AGN) to "buy" from "hold," with a price target of $74.
• JP Morgan (NYSE:JPM) upgraded TiVo (NASDAQ:TIVO) to "overweight" from "neutral," lifting the price target from $15 to $23
• Deutsche Bank (NYSE:DB) initiated coverage on a number of fertilizer stocks, starting Agrium (NYSE:AGU) with a "buy" and an $85 price target, Potash (NYSE:POT) with a "hold" and a $120 price target, and Mosaic (NYSE:MOS) with a "hold" and a $65 price target
• Goldman Sachs (NYSE:GS) downgraded Capital One (NYSE:COF) to "neutral" from "buy" and lowered the price target from $50 to $45
• The US government reported more than $1.5 billion profit from selling warrants received as part of its Bank of America (NYSE:BAC) bailout, using a foreign bank, Deutsche Bank (NYSE:DB) as its sole underwriter to do so
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