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Get Four
|  | DECEMBER 29, 2003
 S&P STOCK PICKS & PANS S&P Says Buy Macromedia Also: analysts' opinions on Open Text and Lilly Macromedia (MACR ) and Open Text (OTEX ): Reiterates 5 STARS (buy) Analyst: Scott Kessler Given S&P's forecasts for greater corporate technology and advertising spending in 2004, one theme that S&P has focused on is content and its creation, dissemination, management, and storage. S&P thinks Macromedia is a well-positioned developer of content creation and deployment software. The shares trade well below S&P's discounted cash-flow derived 12-month target price of $23. Open Text has been gaining market share in the enterprise content management segment and S&P expects it to benefit from recent and pending acquisitions. S&P's 12-month target price for Open Text, based upon relative and intrinsic analyses, is $26. Eli Lilly (LLY ): Reiterates 4 STARS (accumulate) Analyst: Herman Saftlas The FDA approved Lilly's Symbyax for depression associated with bipolar disorder. Symbyax is a combination of the company's Zyprexa anti-psychotic and Prozac antidepressant drugs. S&P also notes the recent clearance of Cialis for erectile dysfunction. S&P views Lilly's new drug platform as one of the strongest in the industry, with sales of six major drugs expected to drive superior earnings growth over the next few years. S&P believes this expected growth justifies Lilly's relatively rich price-earnings multiple. The target price remains $78, a blend of S&P's DCF valuation and p-e-to-growth estimates.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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