"TAP não sobrevive se se mantiver pública", garante Pinto Luz

[Pata-Hari]

11:58 07Apr2004 RTRS-UPDATE 2-RESEARCH TABLE-Latest broker rating changes on Nokia

(Adds changes by WestLB, DrKW)
LONDON, April 7 (Reuters) - Following are the latest changes
in broker ratings, price targets and earnings estimates on Nokia
<NOK1V.HE> after the world's largest mobile phone maker trimmed
its first-quarter earnings forecast. Nokia shares traded down
0.6 percent at 14.35 euros by 1057 GMT.
DRESDNER KLEINWORT WASSERSTEIN
-cuts rating to "hold" from "buy"
WESTLB
-downgrades to "underperform" from "outperform"
-cuts target price to 14 euros from 22 euros
-cuts EPS estimates:
2004 to 0.80 euros from 0.86
2005 to 0.86 euros from 0.96
CSFB
-cuts rating to "neutral" form "outperform"
-lowers price target to 15 euros from 20
-cuts earnings per share (EPS) forecasts:
2004 by 16 percent to 0.80 euros
2005 by 17 percent to 0.88 euros
GOLDMAN SACHS
-cuts rating to "in-line" from "outperform"
-cuts fair value to 14.5 euros from 16
-lowers earnings per share forecasts:
2004 by 16 percent to 0.77 euros from 0.93
2005 by 12.9 percent to 0.88 euros from 1.01 euros
DEUTSCHE BANK
-cuts rating to "hold" from "buy"
-lowers price target to 15.6 euros from 21.5 euros
-cuts EPS estimates:
2004 to 0.87 euros from 0.99 euros
2005 to 0.98 euros from 1.10 euros
JP MORGAN
-cuts fair value to 16 euros from 20
-lowers EPS estimates:
2004 to 0.79 euros from 0.92 euros
2005 to 0.90 euros from 1.01 euros
-maintains "overweight" rating
MORGAN STANLEY
-cuts price target to 14 euros from 15 euros
-cuts EPS estimates:
2004 to 0.79 euros from 0.87
2005 to 0.81 euros from 0.88 euros
-maintains "overweight" rating
LEHMAN BROTHERS
-cuts price target to 16.5 euros from 18
-repeats "equal-weight" rating
-lowers EPS estimates:
2004 to 0.78 euros from 0.91 euros
2005 to 0.89 euros from 0.95 euros
UBS
-cuts target price to 20 euros from 22
-maintains "buy" rating
MERRILL LYNCH
-lowers price target to 17 euros from 19.5 euros
-cuts EPS forecasts:
2004 by 14 percent to 0.81 euros from 0.91 euros
2005 by 15 percent to 0.89 euros from 1.05 euros
-maintains "buy" rating
SG SECURITIES
-cuts rating to "hold" from "buy"
-trims fair value to 14.5 euros from 18 euros
-lowers EPS estimates:
2004 to 0.77 euros from 0.87 euros
FIM SECURITIES
-cuts rating to "accumulate" from "buy"
-lowers price target to 16 euros from 18
JEFFERIES INTERNATIONAL
-cuts price target to 15 euros from 18
-maintains "hold" rating
((Reporting by Natalie Waters
Editing by David Holmes and Edmund Klamann
Reuters Messaging:
rm://natalie.waters.reuters.com@reuters.net
Email: uk.equities@news.reuters.com
Telephone: +44 207 542 1438))
For research reports, go to Reuters Broker