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1352 ET 29June2009-SLM Corp rises after FBR raises price target
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Shares of SLM Corp (SLM.N) rallied on Monday after FBR Capital Markets
raised its price target on the company to $16 from $13, citing improving
student loan spreads and the earnings potential from the company's recent
servicing contract with the Department of Education. It reiterated its
"outperform" rating.
The brokerage, which also raised its 2009 earnings estimates for the
company to $1.18 a share from $1.02, said it expects the contract to add 13
cents a share to the company's earnings.
For details, see [ID:nBNG503175]
Shares of SLM rose 10.9 percent to $10.28.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1222 ET 29June2009-KBW starts coverage of Berkshire Hathaway
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Keefe, Bruyette & Woods on Monday started coverage of Berkshire Hathaway
(BRKa.N) with an "outperform" rating, calling the company "a myriad collection
of high quality businesses, particularly in insurance and reinsurance, with
attractive long-term growth prospects.
"Despite negative marks in its derivative portfolio, the recent global
financial turmoil has left Berkshire standing tall as one of the world's few
financially sound institutions," Keefe, Bruyette & Woods added.
The stock of Berkshire, run by billionaire investor Warren Buffett, rose
1.5 percent to $87,498 on Monday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1215 ET 29June2009-DA Davidson: Entering healthy bull market
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DA Davidson said on Monday it strongly believed that the markets were in
the early stages of a "healthy bull market."
"Investor confidence continues to rise as does consumer confidence, both of
which are key ingredients to sustaining a recovery and stabilizing the
economy," the company's analysts wrote. "We now envision the major stock market
indices, which are positive year to date for most market indices, to end the
year with high single-digit or low double-digit percentage gains."
The company added that it was looking for the economy to bottom out late in
the third quarter or early in the fourth quarter "as consumers slowly return to
the malls, business investment spending stabilizes and companies begin to
replenish inventories.
"The economy hasn't turned up, but the pace of employment layoffs, the
decline in existing home sales and home prices appear to be stabilizing, while
new and used automobile sales have begun to slowly improve," it wrote.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1209 ET 29June2009-Rochdale's Bove sees Q2 loss for JPMorgan Chase
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Rochdale Securities analyst Richard Bove on Monday forecast a
second-quarter loss for JPMorgan Chase & Co (JPM.N). He also lowered his 2009
earnings outlook on the bank to $1.23 a share from $1.61 a share.
Bove expects a loss in the quarter to come on two charges: the redemption
of TARP preferreds and the payment of an FDIC assessment. The former is
expected to cost JPMorgan 39 cents a share, while the latter is expected to
cost it 13 cents a share, Bove wrote to clients. [ID:nWNAB2957]
Shares of JPMorgan, a Dow component, were flat at $34.45.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
