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maedels march 2010 fnl
With an update on HUSA
Americas Morning Summary
December 18, 2009
For further product information,contact:
New York Investment Research
(212) 902-1000Analysts employed by non-USaffiliates are not registered/qualifiedas research analysts with FINRA inthe U.S.
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The Goldman Sachs Group, Inc.
This document contains commentsrelated to the following stocks:Accenture Plc (ACN)Activision Blizzard, Inc. (ATVI)Amylin Pharmaceuticals, Inc.(AMLN)AOL Inc. (AOL)Avnet, Inc. (AVT)Coca-Cola Enterprises, Inc. (CCE)Constellation Brands (STZ)Darden Restaurants, Inc. (DRI)The Walt Disney Company (DIS)Electronic Arts, Inc. (ERTS)EMC Corporation (EMC)General Mills, Inc. (GIS)Genzyme Corp. (GENZ)Intrepid Potash, Inc. (IPI)Live Nation, Inc. (LYV)NetApp Inc. (NTAP)The News Corp. (A) (NWS__A)The News Corp. (B) (NWS)Nike, Inc. (NKE)Oracle Corp. (ORCL)Pentair, Inc. (PNR)Potash Corp. (POT)Research In Motion Ltd. (RIM.TO)Research In Motion Ltd. (RIMM)Rossi (RSID3.SA)The Mosaic Co. (MOS)The Southern Company (SO)THQ, Inc. (THQI)Time Warner Inc. (TWX)USEC Inc. (USU)VeriSign, Inc. (VRSN)Viacom Inc. (VIA__B)
Focus Items
Americas: Technology: Hardware: Upgrading EMC to CL-Buy; NetApp going toNeutral
1
Oracle Corp. (ORCL) Buy: Rising estimates and multiple expansion; one to ownfor CY'10
2
Accenture Plc (ACN) Buy: FY2Q marks the bottom, leading indicators strong into2010. CL-Buy
3
AOL Inc. (AOL): Re-building the airplane in mid-air; Initiate Neutral - $27 PT
4
Constellation Brands (STZ): Upgrading to Neutral on more balanced risk/reward
5
Key Data Changes
Investment List Additions
Company Ticker Investment List Additions
EMC CorporationEMCAmericas Buy ListAmericas Conviction Buy List
Investment List Removals
Company Ticker Investment List Removals
Constellation BrandsSTZ Americas Sell ListNetApp Inc.NTAPAmericas Buy ListAmericas Conviction Buy List
Initiations
Company Ticker Rating/Coverage viewPrice Target Current Year Next Year Fiscal y/e
AOL Inc.AOL N/A $27.00 $4.63 $2.98 DecThe Southern CompanySO N/N $32.00 $2.37 $2.64 Dec
Rating and price target changes
Rating/Coverage viewPrice Target EstimatesCompany Ticker New Old New Old % chg Current YearNext YearFiscal y/e
Amylin Pharmaceuticals, Inc.AMLN N/N CS $16.00 -- -- ($0.74) ($0.74) DecAOL Inc.AOL N/A -- $27.00 -- -- $4.63 $2.98 DecConstellation BrandsSTZ
↑
N/N S/N $16.00 unch -- $1.67 $1.77 FebEMC CorporationEMC
↑
B/A N/A
↑
$21.00 $20.00 5.0% $0.58 $0.79 DecGeneral Mills, Inc.GIS N/N unch
↑
$77.00 $75.00 2.7% $4.67 $5.07 MayIntrepid Potash, Inc.IPI S/A unch
↓
$27.00 $28.00 (3.6%) $0.76 $1.14 Dec
NetApp Inc.NTAP
↓
N/A B/A $35.00 unch -- $0.96 $1.29 Apr Nike, Inc.NKE B/N unch
↑
$78.00 $75.00 4.0% $3.91 $4.61 MayOracle Corp.ORCL B/A unch
↑
$29.00 $27.00 7.4% $1.51 $1.65 MayPentair, Inc.PNR N/A unch
↑
$37.00 $36.00 2.8% $1.44 $1.85 DecPotash Corp.POT B/A unch
↓
$138.00 $140.00 (1.4%) $2.45 $6.36 DecThe Mosaic Co.MOS N/A unch
↓
$64.00 $66.00 (3.0%) $2.49 $4.24 MayThe Southern CompanySO N/N -- $32.00 -- -- $2.37 $2.64 DecTime Warner Inc.TWX B/A unch
↓
$34.00 $36.00 (5.6%) $2.20 $2.10 DecUSEC Inc.USU N/N unch
↑
$3.50 $3.30 6.1% $0.07 $0.35 Dec
Estimate changes
Current Year Next Year Company Ticker Rating/Coverage viewNew Old % chg New Old % chgFiscal y/e
Amylin Pharmaceuticals, Inc.AMLN N/N ($0.74) -- -- ($0.74) -- -- DecAOL Inc.AOL N/A $4.63 -- -- $2.98 -- -- DecCoca-Cola Enterprises, Inc.CCE B/N $1.59 unch --
↓
$1.85 $1.86 (0.9%) DecEMC CorporationEMC B/A $0.58 unch --
↑
$0.79 $0.75 4.3% DecGeneral Mills, Inc.GIS N/N
↑
$4.67 $4.65 0.5%
↑
$5.07 $5.05 0.5% MayIntrepid Potash, Inc.IPI S/A
↑
$0.76 $0.75 0.9%
↓
$1.14 $1.25 (9.0%) DecNike, Inc.NKE B/N $3.91 unch --
↑
$4.61 $4.52 2.1% MayOracle Corp.ORCL B/A
↑
$1.51 $1.48 2.1%
↑
$1.65 $1.61 2.4% MayPentair, Inc.PNR N/A $1.44 unch --
↑
$1.85 $1.80 3.0% DecPotash Corp.POT B/A
↑
$2.45 $2.43 1.0%
↓
$6.36 $6.55 (2.8%) DecResearch In Motion Ltd.RIM.TO N/A
↑
$4.35 $4.15 5.0% $4.76 unch -- FebResearch In Motion Ltd.RIMM N/A
↑
$4.35 $4.15 5.0% $4.76 unch -- FebThe Mosaic Co.MOS N/A
↓
$2.49 $2.65 (6.0%)
↓
$4.24 $4.41 (3.8%) MayThe Southern CompanySO N/N $2.37 -- -- $2.64 -- -- DecTime Warner Inc.TWX B/A
↓
$2.20 $2.23 (1.1%)
↓
$2.10 $2.37 (11.7%) DecVeriSign, Inc.VRSN S/A $1.08 unch --
↑
$1.28 $1.26 1.4% Dec
Other Headlines
Options Research
Considering All Options: Buy-write strategies: generating alpha with price targets 6Considering All Options: Options market insights: Focus on expiration 7
Basic Materials
Americas: Agriculture: Tweaking potash estimates 8USEC Inc. (USU): Updating price target 9
Consumer Cyclicals
Nike, Inc. (NKE): 2FQ10 highlights meaningful improvement in global sales trends 10Darden Restaurants, Inc. (DRI): First Take: Tough sales continue in 2Q; costs better. 11Americas: Entertainment: Goldman Sachs Weekly Entertainment Playlist 12Time Warner Inc. (TWX): Removing AOL estimates post-spin; no changes to other segments 13
Consumer Staples
Coca-Cola Enterprises, Inc. (CCE): Another year of beat and raise should drive shares; reiterateBuy14
General Mills, Inc. (GIS): Stellar setup heading into tough US competitive backdrop 15
Financial Services
Americas: Asset Managers: Money manager barometer: Money markets see the worst outflowssince September 200916Rossi (RSID3.SA): Rossi to expand presence in the north of Brazil through joint venture 17
Healthcare
Amylin Pharmaceuticals, Inc. (AMLN): Resuming coverage with a Neutral rating and price targetof $1618Genzyme Corp. (GENZ): Tid-bits from the Investor Roundtable 19
Industrials
Pentair, Inc. (PNR): Initial 2010 guidance conservative, but valuation upside still average 20
Technology
Avnet, Inc. (AVT): Analyst day reveals a shift in strategy back to offense 21Oracle Corp. (ORCL): First Take: Strong quarter, with likely EU resolution; Reiterate Buy 22VeriSign, Inc. (VRSN): Price increase largely as expected; mild positive to estimates 23Research In Motion Ltd. (RIM.TO): Strong quarter, but structural issues remain; maintain Neutral 24
Utilities
The Southern Company (SO): Substantial rate base growth opportunity tempered by fair valuation25
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| Upload Date: | 12/19/2009 |
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