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Merrill Trims Pixar Outlook but Keeps as 'Buy'

Merrill Lynch cut its estimates on Pixar (PIXR).

Analyst Andrew Slabin says the 2002 results were great, but the 2003 view is bittersweet.

Also, given the increase in an options exercise, Slabin expects a 10-cent 2003 earnings per share dilution from an increase in shares. He thinks greater-than-expected Monsters home video sales in 2002 stole revenue and profits from 2003. Plus, he says the domestic free-TV sale of Monsters will fall in 2004, not 2003, and this represents an earnings per share swing of up to 15 cents to 20 cents.

Slabin cut the $1.68 2003 earnings per share estimate to $1.39. He also cut the $67 target to $63. However, he still rates the shares as buy.

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