Cellcom Israel Ltd. (CEL-NYSE) started as Neutral at Goldman Sachs.
Advanced Energy Industries, Inc. (AEIS-NASDAQ) earnings estimates were raised from $1.00 to $1.05 this year but next fiscal year estimates went from $1.10 down to $0.70.
Goldman Sachs also highlighted General Electric (GE) after all of the subprime woes on Wall Street. It notes that GE has minimal exposure to subprime at not even 1% of revenues and it also notes that GE has outpe4formed the overall markets in 5% and higher corrections in the S&P 500. With the stock down 8% year-to-date and having underperformed the S&P by 550 basis points, Goldman Sachs sees this as a prime buying opportunity with 10% to 13% earnings growth this year.
Goldman also notes that it will be some time in the future before NAND (flash) takes any bites into HDD (hard drives). This is after news and new offerings from SanDisk, Samsung and others and Goldman believes this does not pose any challenge to notebooks over the next two to three years. NAND could have a near-term impact on handhelds; channel checks confirm that Apple is likely to use NAND in low-end video iPod product although it will use smaller HDD at the higher-end products because of capacity advantages.
Jon C. Ogg
March 19, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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