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Morgan Keegan has published a research report on Communications Equipment companies reflecting on the R&D tax credit and has not made any ratings or estimate adjustments to companies that do not pay U.S. taxes.
In the report, Morgan Keegan writes "We have reviewed our coverage universe and have adjusted estimates for taxpaying companies as a result of the R&D tax credit. Many of our companies under coverage will report higher than expected earnings for 4Q10 and experience upward revisions of 2011 estimates. Although the incremental earnings do not affect business fundamentals, we envision potential for a positive stock tailwind should companies report earnings ahead of consensus or prior guidance. We imagine some stocks might benefit from program trades and positive screenings in quant funds, but we anticipate most will look through the one-time nature of the earnings upside."
ADTRAN
ADTN $35.39 Outperform
Alcatel-Lucent
ALU $3.00 Outperform
Arris Group
ARRS $10.88 Outperform
Cisco Systems
CSCO $19.55 Outperform
Dycom Industries
DY $13.88 Outperform
Acme Packet
APKT $57.98 Market Perform
BigBand Networks
BBND $2.70 Market Perform
Ciena Corporation
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$21.42 Market Perform
Harmonic
HLIT $8.26 Market Perform
Juniper Networks
JNPR $36.49 Market Perform
Symmetricom
SYMM $7.06 Market Perform
Tellabs
TLAB $6.72 Market Perform
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Posted In: Analyst ColorAnalyst Ratingsacme packetADTRANAlcatel-lucentArris Groupbigband networksCiena CorporationCisco SystemsDycom IndustriesharmonicJuniper NetworksMorgan KeegansummetricomTellabs
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