Key Calls: Lam, eBay, US Steel, Microsoft, IBM

Key Street Calls This Morning:

Lam Research (LCRX):  AmTech upgrades to Buy from Neutral on completion of stock option investigation.

eBay (EBAY): AmTech cuts to Neutral on decelerating GMV and Active User growth.

US Steel (X): Citi cuts to Hold on price, but raises estimates… Price has “melted up” and Citi’s target price has been reached.

Microsoft (MSFT): Citi says buy MSFT ahead of earnings, citing strong fundamentals and the expectation that the company will beat targets due to strong product cycle and piracy reductions.

IBM (IBM): Citi reiterates Buy on strong quarter, citing impressive margin and EPS upside and solid organic and domestic growth.

Wells Fargo (WFC): Citi raises estimate for Wells Fargo by $0.05 due to possible upside from attractively priced acquisition.

McDonalds (MCD): Lehman raises estimate on McDonald’s by $0.02.



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