Goldman Sachs Research Summary (MAR 12, 2007)

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By Douglas A. McIntyre Published
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Goldman Sach has raised RealNetworks (RNWK) from a Sell to a Neutral rating.  Amdocs Limited (DOX) was raised from a Neutral to a Buy.

Secure Computing (SCUR) was downgraded from a Neutral at Sell, or from bad to worse.

Goldman also trimmed estimates on Amgen (AMGN) and Progressive Gaming International (PGIC).

On the dividend front Goldman Sachs noted several dividend hikes, but expects more dividend news from the following: P&G (PG), ExxonMobil (XOM), Qualcomm (QCOM), IBM (IBM), and J&J (JNJ).

Barrick Gold (ABX) reiterated Buy/Attractive after CEO meetings.  The company plans to maximize leverage to gold prices, has a strong development pipeline, minimize cost structure, expand gold margins, expand current project values, and keep a disciplined approach to M&A.

Goldman sees 10% trade opportunity in Best Buy (BBY) before it begins to approach historical average valuation targets.  It does note that it does not expect another break-out year in margins so maintains a Neutral rating.

On Genentech (DNA), Goldman expects FDA Approval of a competing drug Tykerb for breast cancer from GlaxoSmithkline (GSK) and expects minimal impact on Genentech.

Jon C. Ogg
March 12, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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