DSL: Moors & Cabot Upgrades Shares of Downey Financial (DSL) to a Hold Rating and $57 Price Target Based on Valuation
January 18 2005 - 2:23PM
PR Newswire (US)
DSL: Moors & Cabot Upgrades Shares of Downey Financial (DSL) to
a Hold Rating and $57 Price Target Based on Valuation BOSTON, Jan.
18 /PRNewswire/ -- Moors & Cabot upgrades shares of Downey
Financial (DSL) to a Hold rating and $57 price target based on
valuation. The company's results were strong across the board with
Downey beating our earnings estimate on a better-than-expected net
interest margin, higher average loan balances, a
better-than-expected gain on sale of loans margin, strong real
estate income and a negative provision. Although we believe some of
these items are nonrecurring in nature, the underlying results are
nonetheless stronger than we expected, resulting in our upgrade to
a Hold from Sell. Contact: Scott Carmel, 617.314.0287
http://www.moorscabot.com/ About Moors & Cabot Moors &
Cabot's financial institution and technology coverage universe
reflects the progressive nature of our market economy. Moors &
Cabot's financial institution analysts specialize in the bank and
thrift sectors. Moors & Cabot's technology analysts focus on
accelerated growth companies in rapidly growing industries such as
medical technology, biotechnology, semiconductors, wireless
equipment and services, computer and business services and computer
software. Moors & Cabot is the oldest independent member of the
Boston Stock Exchange and one of the nation's oldest independent
members of the New York Stock Exchange. In addition to offering its
equity and fixed-income research through full-service registered
representatives, Moors & Cabot offers investors additional
investment tools such as cash management accounts, retirement
planning, mutual funds, annuities and professional money management
services. With over a century of experience and expertise, Moors
& Cabot continues to serve in the tradition of its founding
fathers. Our core principles of integrity, honesty, respect and
loyalty are as important today as they were more than a hundred
years ago. Boston - 800.426.0201 New York - 800.566.9239 Chicago -
800.436.2330 San Francisco - 800.723.2546 Moors & Cabot is a
member of the National Association of Securities Dealers, CRD
number 594. DATASOURCE: Moors & Cabot CONTACT: Scott Carmel of
Moors & Cabot, +1-617-314-0287 Web site:
http://www.moorscabot.com/
Copyright