EPSON SHARES JUMP !

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EPSON SHARES JUMP !

 user 2007-07-10 at 12:22:00 pm Views: 53
  • #18352

    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.