Andrew Neff
Andrew Neff
fill good helps ibm margin product sell
It's good for Compaq at the margin, because it helps them fill out their product line, and it is good for IBM at the margin because it helps them to sell storage.
digital either equipment jury turnaround
It's either another Digital Equipment or another turnaround like HP or IBM. Right now, the jury is still out.
address behind early effective needed partner tried
They were probably a little behind the curve, but it's still early in the game. Compaq needed a partner for an ASP opportunity. They tried to address it on their own, but this is probably a more effective way to be doing it.
believe cited company demand extent industry laundry lead list problems products related specific woes
The extent of Apple's pre-announcement and the laundry list of problems that the company cited lead us to believe that its woes are as much company specific as they are industry related and the demand for products is just not there.
aggressive bound concerned consumer continued corporate demand pc pricing seeing signs spreading stocks weak weakness
When we downgraded the PC stocks in September, we were concerned about signs in the weak consumer demand -- which has continued to deteriorate. Now we are seeing signs of this weakness spreading into small/medium corporate and of aggressive pricing in low-end servers. This weakness is bound to spread.
apple balance based capital financial future growth increasing innovative invested ownership positive potential price products rate rating reasonable return sheet strong target view
We reiterate our 'buy' rating on Apple and our price target of $80 based on valuation of two times the company's EPS growth rate of 20 percent, reasonable in view of its innovative products and strong product cycles, ownership of technology, strong balance sheet and financial management, increasing return on invested capital and potential for future positive surprises.
among clearer leaders-and-leadership reflects seeing thinking
We're seeing alliances, not mergers, among leaders, which reflects clearer thinking about what is good.
discount ibm percent valued
We still see IBM attractively valued at a 13 percent discount to S&P multiple.
beginning business clear gain good signs turnaround
We upgraded Compaq because we see clear signs of a turnaround beginning to gain traction with good pick-up in business momentum.
renewed spirit view vigor
It corroborates our view of a renewed sense of vigor and competitive spirit at HP.
believe compelling lies networking shares software storage value
We believe Adaptec is not a compelling storage networking story at this point, as we think most of the value of ADPT shares lies in its software business.
cash consistent degree earnings flow growth high ibm investor owns relatively
As we have said before, the investor owns IBM for its consistent earnings and cash flow growth and relatively high degree of earnings predictability.
impressed year
A year ago, I didn't know what to make of him. But I've been impressed with what I've seen.
industry issues needs structural
This is an industry that needs some consolidation. There are some structural issues that need to be addressed.