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.