PIPER JAFFRAY REITERATES PRICELINE.COM AS TOP E-COMMERCE PICK
Piper Jaffray analyst Aaron Kessler says priceline.com (PCLN) reported another very impressive quarter with gross profit, EBITDA and EPS upside of 11%, 55% and 38%, respectively. He says strong performance was driven by continued strength from European bookings, and domestic gross bookings also demonstrated significant acceleration.
Kessler continues to highlight PCLN as his top eCommerce pick given: 1) strong growth prospects driven by robust internationall growth; 2) share gains domestically; 3) solid record management execution; 4) expectations for continued upside to estimates; 5) attractive valuation.
He has increased confidence in the company's growth outlook, and raises his price target to 175 from 147. He maintains buy opinion.
STIFEL NICOLAUS UPS NVIDIA TO BUY FROM SELL
Stifel Nicolaus analyst W. Blake Fischer says Nvidia's (NVDA) first quarter non-GAAP EPS of $0.36 was $0.02 shy of consensus and well below his $0.40 estimate.
While he cuts $1.69 fiscal year 2009 (January) EPS estimate to $1.57 and $1.77 FY 2010 to $1.76, he believes NVDA's lackluster first quarter results and second quarter outlook mark a potential inflection point for estimate revisions as expectations regarding potential share loss, margin expansion and new product ramps should improve as we move through the year.
As such, Fischer believes further downside risk is limited, and is outweighed by the potential for an improving outlook for NVDA's earnings ability.
WEDBUSH MORGAN UPGRADES TRUE RELIGION APPAREL TO HOLD FROM BUY
Analyst Jeff Mintz says True Religion Apparel's (TRLG) first quarter results beat estimates; the company raised 2008 revenue guidance by $10 million and EPS to $1.52-$1.56. He believes the company's guidance remains conservative and has the potential to exceed his slightly higher $1.59 2008 EPS estimate, up from his prior $1.52 estimate.
Mintz thinks TRLG has significant longer-term growth potential in its high margin consumer direct business. He believes as the company's non-denim and license products gain further traction in its own stores, its wholesale customers will be more likely to increase their purchases, further driving sales growth and the True Religion brand.
He raises $1.82 2009 EPS estimate to $2.02, and price target to 25 from 18.