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CSFB Upgrades Harman International


Harman International (HAR) posts $1.01 fourth-quarter earnings per share and sees 64 cents in the first quarter and $3.80 in fiscal year 2006. CSFB upgraded the stock to outperform.

Analyst Christopher Ceraso says fourth-quarter EPS was 6 cents above the consensus forecast. The company mapped out more specific revenue and EPS growth estimates for its 3 divisions (Automotive, Consumer, Professional), including a jump in automotive revenue and EPS in fiscal year 2008, on the back of the company's new business with DaimlerChrysler (DCX) and Audi.

Harman also addressed his concern about the potential slowdown in overall profit growth that could stem from margin erosion in Automotive. Ceraso says while a mix shift is occurring, margins in Automotive are expected to hold fairly steady over the next several years.

The analyst increased his $100 price target to $105, and sees $3.95 fiscal year 2006 (June) EPS.


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