*NEWS*EPSON SHARES JUMP !

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*NEWS*EPSON SHARES JUMP !

 user 2007-07-10 at 12:22:00 pm Views: 35
  • #18353

    Seiko Epson Shares Jump After Goldman Raises Rating
    July
    07  — Shares of Seiko Epson Corp., the world’s second-biggest maker of
    inkjet printers, climbed to their highest in two years after Goldman
    Sachs Group Inc. upgraded the stock to “buy,” citing improved
    earnings.The stock rose 5.7 percent to close at 4,090 yen on the Tokyo
    Stock Exchange, the highest since March 18, 2005. Seiko Epson shares
    gained 42 percent in the past six months, compared with a 6.2 percent
    advance in the Topix index.Goldman Sachs expects higher sales of inkjet
    printers and mobile-phone liquid-crystal displays to bolster profit,
    according to a report dated yesterday. The brokerage raised its annual
    operating profit estimate by 19 percent to 71 billion yen ($577
    million), and the sales forecast by 1.3 percent to 1.41 trillion yen,
    exceeding Seiko Epson’s projections.“The company’s shipments of
    liquid-crystal displays for mobile phones are expected to be bullish,”
    wrote Shin Horie, who upgraded the rating on Suwa, central Japan-based
    Seiko Epson from “neutral.” Cost cuts and increased sales from new
    printer products in Europe will improve Seiko Epson’s competitiveness
    against Hewlett-Packard Co., Canon Inc. and Lexmark International Inc.,
    Goldman Sachs said.Seiko Epson forecast on April 26 operating profit,
    or sales minus the cost of goods sold and administrative expenses, will
    rise 21 percent to 61 billion yen in the year ending March 31. Sales
    are expected to fall 1.6 percent to 1.39 trillion yen, the company
    said.