Gapping Down: RHAT, PAYX
Interesting Observation: Institutions dress their quarter end books by adding more of the top performers even if they grossly overpay for them in the last week of the quarter.
UBS raises FDRY target from $17 to $21.
Stanford upgrades JCOM from Hold to BUY
UBS downgrades CAT and IR from Buy to Neutral
UBS believes recent weakness surrounding Fed actions and ongoing indications of a good but not great general system IC environment have created attractive opportunities in BRCM, MU and PMCS around earnings reports. In the firm's opinion, these companies and NETL are executing to solid business plans that will allow them to outperform throughout this period of uncertainty. Discussions in the PC channel and ongoing pricing pressure in the NAND industry leave MRVL and SNDK relatively (and respectively) more exposed to earnings disappointments than other names in their coverage.
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