Thursday, February 14, 2008

Analysts on Q4 07 earnings: JPM, RBC, Citi, GS, Needham, Pac Crest

JPM basically where they were at before
earnings. Feels 1Q08 outlook is murky, but
leaves outperform rating unchanged based
on long-term growth prospects.

RBC upgrades to an outperform, lowering
price target to $361 from $400. Fairly
bullish on growth prospects, looking past

Citi thinks earnings inflated by a one-time
tax rebate, yuan appreciation and underspending
on Japan. [My note: Yuan appreciation is real
and going to continue for at least a few more
years - so it doesn't have to be looked at
separately]. Maintained Hold and $350

GS believes 1Q08 lower guidance isn't due to
the snow storm, but due to the law of large
numbers slowing Baidu down. Gives zero
support for their thesis. Reduces target to

Needham reiterates their earlier stance of
a hold rating.

Pacific Crest reiterates their buy based on
long-term outlook.

All in all, status quo maintained.

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