Key Street Calls (AAPL, LUV, MSFT, YHOO)

Apple (AAPL): Citigroup raises their Q1 estimate to $1.23 from $1.14, expect PC unit shipments of 2.1M, up from 2.0M, and iPod unit shipments of 9.5M, down from 10.0M and consensus of 10.5M. Price Target remains at $212.

Southwest Airlines (LUV): Soleil lowered LUV’s estimates and target to reflect the company’s fuel price outlook, and only recommends buying the stock on weakness.

Ford (F): Soleil upgrades Ford, expect improved sentiment towards shares given new product launches, cost cutting efforts, North American capacity reductions, and better than expected performance on the cash side. Target to $11 from $5.

Electronic Arts (ERTS): Piper believes ERTS’ March quarter is in “good shape” and raised their estimate to 2c from $0.00 to reflect share gains. Reiterate Buy.

Home Depot (HD): JP Morgan lowers their estimates, believe sales trends will remain pressured in the near-term, but look for trends to stabilise by 2H08 and turn positive in 2009. JPM finds current valuation “attractive” even with lowered estimates and reiterates Overweight rating.

Caterpillar (CAT): Credit Suisse downgraded CAT citing valuation. Target to $84 from $80.

Texas Instruments (TXN): Deutsche Bank expects TXN to report Q1 results in-line with $3.27B/43c estimates and believes concerns of market share loss in its wireless business are overblown.

Microsoft (MSFT): Deutsche Bank lowers their target to reflect uncertainty regarding the Yahoo acquisition and expects dilution if the deal consummates. Believe MSFT remains one of the best positioned companies given macro concerns.

Yahoo (YHOO): Collins Stewart believes that increased pressure will be put on Microsoft (MSFT) to acquire Yahoo! after Google (GOOG) beat expectations for the quarter. Collins remains concerned about slowing U.S. sponsor clicks, given that two-thirds of its total search revenue comes from the U.S.

Citrix Systems (CTXS): Lehman lowers FY08 revenue and EPS estimates for Citrix Systems to $1.616 billion and $1.59 from $1.632 and $1.62, citing “slower growth in App Newtorking over the nearterm and slower than expected adoption of the Xen virtualization opportunity.” Price target decreases to $38 from $43.

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