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JP Morgan Keeps 'Buy' on Sun Micro

JP Morgan keeps buy on Sun Microsystems (SUNW).

Analyst Daniel Kunstler says the company's mid-quarter update is refreshing in that it lacked any changes to the company's estimates. He says the company's tone with regard to profitability trends seems to be reasonably upbeat. He notes Sun currently is back in the market to repurchase shares, and has reported improving diversification in its mix of end markets, with the government kicking in perhaps even more than the company had thought likely. Kunstler says Sun also reiterated its anticipation of improvement in gross margins. He maintains a $0.07 fiscal 2002 (June) loss, $0.24 fiscal 2003 EPS estimates; and a $25 target.

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