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DB Alex. Brown Upgrades Getty Images to 'Strong Buy'


Deutsche Banc Alex. Brown upgraded Getty Images (GETY) to strong buy from buy.

Analyst Peter Appert says his upgrade is based on: A better-than-expected first quarter revenue forecast; dramatic improvement in EBITDA margins (up 370 basis points year over year); and rising estimates. Appert says strength in revenues serves as further confirmation that the bottom of the current advertising cycle has passed. He raised his $0.25 2002 EPS estimate to $0.41, and hiked the $0.70 2003 estimate to $0.80. Appert says he thinks there's further potential upside in estimates if there is continued improvement in advertising market trends. He has a $39 12-month target.


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