Markets & Finance

DB Alex. Brown Upgrades Getty Images to 'Strong Buy'

Deutsche Banc Alex. Brown upgraded Getty Images (GETY) to strong buy from buy.

Analyst Peter Appert says his upgrade is based on: A better-than-expected first quarter revenue forecast; dramatic improvement in EBITDA margins (up 370 basis points year over year); and rising estimates. Appert says strength in revenues serves as further confirmation that the bottom of the current advertising cycle has passed. He raised his $0.25 2002 EPS estimate to $0.41, and hiked the $0.70 2003 estimate to $0.80. Appert says he thinks there's further potential upside in estimates if there is continued improvement in advertising market trends. He has a $39 12-month target.

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