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Stock Picks: HP, Monsanto, Sirius XM, Visa
Wall Street analyst opinions on stocks making headlines in Monday’s market
In a note, Wu said he anticipated that the world’s largest maker of personal computers and printers will post results at the upper end of management’s most recent guidance when it reports fiscal second quarter results after the close of trading May 18, meeting or beating the consensus view of Wall Street analysts.
“We believe HPQ will likely hit the upper-end of its guidance, meaning a meet or beat vs. consensus estimates of $29.8 billion in revenue and $1.05 in EPS [earnings per share],” compared with his own estimates of $29.6 billion in revenue and $1.05 in EPS, the analyst said. “Our conviction stems from constructive data points we have been picking up from our supply chain checks as well as positive commentary” from the company’s technology peers, including Apple Inc. (AAPL),HP Probook 4520S battery Intel Corp. (INTC), Cisco Systems Inc. (CSCO), Ingram Micro Inc. (IM), Synnex Corp. (SNX), and Best Buy Co. Inc. (BBY).
Wu said he anticipates the company will “at least back and potentially raise” its fiscal 2010 (ending October) guidance of $121 billion to $122.5 billion in revenue and $4.37 to $4.44 in EPS, vs. the Wall Street consensus view of $123 billion and $4.45, and his own forecast of $122 billion and $4.37. He said he was factoring “currency headwinds,” the company’s acquisition of 3Com, Dell Latitude D600 battery and his contact with suppliers and customers indicating an improved tone for the company’s hardware segments into his forecast.
“We see HPQ as a fairly defensive play with its recurring profit streams, broad portfolio and geographic exposure, and room for operating leverage,” Wu said.
Monsanto Co.: UBS Securities analyst Don Carson kept a buy rating on shares of Monsanto Co. (MON), the world’s biggest seed company, on May 17. He lowered a price target on the shares to $83 from $86.HP AC Adapter
In a note, Carson said he was reducing estimates to reflect “the prospect of no rebound” in prices for the company’s Roundup broad-spectrum herbicide. Carson said the barrier to price improvement “is due more to competition from multinationals” like Syngenta AG (SYNN) and Dow Chemical Co. (DOW) than to excess inventories of Chinese-produces generic versions of the herbicide.
Carson said he expects Monsanto’s gross profit to remain in the $550 million range, reducing his EPS estimates for fiscal 2010 (ending August) to $3.00 from $3.10, for fiscal 2011 to $3.65 from $3.95, and for fiscal 2012 to $4.40 from $4.85.