Credit Suisse Estimates and PT Changes

In a research report published today, Credit Suisse made a number of estimates and price target changes. Renault (

) saw a change in estimates forecast for Nissan. In the report, Credit Suisse states, "Nissan's improving balance sheet should allow it to step up dividend payments given the expected increase in the automotive net cash position to JPY529bn from JPY293bn over the course of FY03/12. Based on this we see Nissan's payout ratio increasing to 30% by FY03/13 to JPY32 per share lending further support to the valuation case on RNO." EnCana Corp.

had its price target raised to $38 from $37. The report states, "Maintaining our Outperform Rating: The current supply/demand dynamics for N.A. gas markets makes buying Encana challenging. However, we believe the combination of the company's low-cost structure and vast, independently evaluated resource base positions Encana to provide its shareholders with a unique and compelling investment opportunity. Should the PetroChina transaction close as expected, and if Encana clearly communicates its ability to grow its 'proven only' asset value with share buybacks and not just accelerated production, we believe our new 12-month target price of US$38.00 may be realized in a shorter timeframe." Avago Technologies Ltd.

had its estimates revised. In the report, Credit Suisse states, "Raise FY11 revs to $2.33bn from $2.29bn but maintain EPS of $2.52 on higher opex - Street was at $2.30bn/$2.56. For FY12, we raise revs to $2.56bn from $$2.42bn and raise EPS to $2.68 from $2.56. AVGO trades at 12x CY12 EPS, a 10% discount to the peer avg. of 13x. Current valuation remains attractive, as multiple does not fully reflect leverage to the Industrials/Autos, product cycles or strong margins/cash flow - TP of $36 represents 13x CY12 in-line with peers."