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Merrill Dims Sun Estimates

Merrill Lynch cut estimates on Sun Microsystem (SUNW).

Analyst Thomas Kraemer says after checking with U.S. and European sources, he cut the $3.995 billion Q1 revenue estimate to $3.7 billion, and trimmed the $0.04 EPS to $0.01. He notes the majority of cuts come from European estimates; U.S. checks suggest demand trends remain mixed. He says with the coming of Starcat, and new storage revenue next quarter, Kraemer thinks Q3 could be the toughest quarter for Sun unless there's another big leg down in demand. However, he says Sun expects to have an immediate advantage over EMC Corp. by being able to offer a single source of accountability. The company sees IBM as its longer term competitor.

Kraemer maintains his near-term and long-term accumulate rating.

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