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Here are highlights from Wednesday's Analyst Blog:
CF Industries Keeps It Growing
CF Industries Holdings, Inc. (NYSE: CF | Quote | Chart | News | PowerRating) has leading market shares in many key fertilizers. Strong domestic and international grain markets have produced an exceptionally high global demand for fertilizer, translating into substantially higher selling prices for all the products.
The company is likely to benefit from the proposed nitrogen facility in Peru, which will address the nitrogen demand on the west coast of Central and South America as well as Mexico, which does not have a nitrogen facility. As a result, we rate the shares a Buy with a target of $130.
Amgen Stays a Long-Term Hold
Amgen, Inc.'s (Nasdaq: AMGN | Quote | Chart | News | PowerRating) results over the past few quarters demonstrate the challenging, but stabilizing ESA market. Nevertheless, we still feel as though the pipeline is significantly undervalued, and we continue to recommend the name as a long-term Hold within the biotechnology sector.
Recent positive news on phase III denosumab is a big reason we continue to be positive on Amgen. The ESA trends are stabilizing, but it will still take a few more quarters to see exactly how the ODAC meeting and finalized label will affect sales. In the meantime, investors should focus their time on just how big denosumab and motesanib can be, because they are the next wave of potential growth.
VimpelCom Maintaining Strength
Vimpel-Communications (NYSE: VIP | Quote | Chart | News | PowerRating) delivered better-than-expected operating results in the most recent quarter, beating our estimates with strong revenue and customer growth across all its markets.
We reiterate our Buy rating based on financial metric estimates which we believe are attainable. VimpelCom is trading at 10.2x our 2008 EPADS estimates which is significantly below historical levels in previous quarters, although this metric remains at a premium to its major competitor, Mobile TeleSystems (NYSE: MBT | Quote | Chart | News | PowerRating) (its closest Russian peer). VimpelCom's shares have lost approximately 50% of its value since a 52-week high reached in December 2007.
Procter & Gamble Won't Outperform
Procter & Gamble's (NYSE: PG | Quote | Chart | News | PowerRating) management is committed to a growth strategy based on driving volume through product innovation and increasing penetration into developing markets and expanding profitability by focusing on higher margin categories. The plan is meeting with success in terms of top-line expansion, volume growth, and higher earnings.
Though the Gillette acquisition was accretive to earnings in fiscal 2008, the gross margin was negatively impacted by increased commodity and energy costs. The Hold recommendation is maintained.
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