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Citigroup Ups PortalPlayer to Buy from Hold

Citigroup upgraded PortalPlayer (PLAY) to buy from hold, citing the expectation of increased iPod shipments.

The semiconductor company makes tools necessary for developing personal media player products. Analyst Glen Yeung increased a 45 cents fourth quarter earnings per share estimates for PortalPlayer to 48 cents, a $1.48 2005 estimate to $1.50, and a $1.40 2006 estimate to $1.74 (well above the Street's $1.54 2006 earnings per share consensus estimate.) Along with hiking earnings per share estimates, Yeung raises a $29 price target to $36 per share.

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