Amarillo Biosciences Inc. OTCBB: AMAR $0.65
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $1.90
By: Wayne M. Lottinville, CFA
Amarillo Biosciences To Start Phase 2 Oral Warts Study; Reiterate Speculative Buy
December 12, 2006. Amarillo Biosciences, Inc. (OTCBB: AMAR) says that four clinical sites are ready to enroll patients in a Phase 2 study to test low-dose interferon-alpha lozenges administered orally to HIV-positive subjects with oral warts. Patient enrollment is expected to begin after January 1. Viral lesions of the mouth in patients infected with HIV are common and may be indicative of disease progression. Two previous studies have been conducted and demonstrated the ability of interferon-alpha lozenges to significantly reduce oral-wart load in HIV-positive patients. If Amarillo Biosciences' new study demonstrates the efficacy and safety of this treatment regimen, the Company intends to conduct a Phase 3 study and seek approval from the FDA to market interferon-alpha lozenges for the treatment of oral warts in HIV-positive patients.
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Amarillo Biosciences Inc. OTCBB: AMAR $0.65
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $1.90
By: Wayne M. Lottinville, CFA
Amarillo Biosciences Speculative Buy Rating Reiterated in Update Report
December 1, 2006. Amarillo Biosciences, Inc. (OTCBB: AMAR) is a biopharmaceutical company developing low-dose oral natural human interferon-alpha as a safe, cost-effective therapy for several diseases or their symptoms, including influenza and HIV-related oral warts. Amarillo Biosciences has a Phase 2 clinical investigation using oral low-dose interferon-alpha for Behet's disease now underway and plans to begin enrollment in a Phase 2 clinical trial in December to treat oral warts in HIV-positive patients. Influenza and chronic cough trials may begin in 2007. We rate Amarillo Biosciences a very Speculative Buy with a 15 to 18-month price target of $1.90.
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American Mold Guard, Inc. Nasdaq: AMGI $2.37
Research Note
Industry: Industrial & Manufacturing
Rating: Strong Speculative Buy (Reiterated)
Price Target: $4.22
By: Mike Loughran
American Mold Guard's AMG Scientific Services Could Provide One Solution for Reducing Virus Outbreaks Aboard Cruise Ships.
December 5, 2006. American Mold Guard Inc.'s (NasdaqCM: AMGI) AMG Scientific division was established to provide surface treatment services and kill pathogens. Several large outbreaks of intestinal illness have recently been reported on cruise ships, which, we believe, would be a likely customer for AMGI's new division
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Ampex Corporation Nasdaq: AMPX $19.55
Research Note
Industry: Electronics & Engineering
Rating: Strong Buy (Reiterated/Update)
Price Target: $35.00
By: Richard W. West, CFA
Ampex: Institutional Holder Files SEC Form 13D amendment on Ampex Corporation Common Stock;Strong Buy Rating Reiterated & Price Target Increased to $35.00
December 8, 2006. Ampex Corporation (NasdaqNM:AMPX) An institutional holder of Ampex Corporation common stock, ValueVest Management Company II LLC, indicated in an SEC Form 13D amendment on December 1, 2006, their 23,668 additional share purchases of Ampex common stock. We reiterate our Strong Buy rating and raise our 12-month price target to $35.00 per share.
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Applied NeuroSolutions Inc OTCBB: APNS $0.34
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $1.00
By: Denise T. Resnik, M.S.
Applied NeuroSolutions Maintains Strong Speculative Buy Rating; Recently-announced Agreement With Eli Lilly and Company For Alzheimer's disease.
December 8, 2006. Applied NeuroSolutions (OTCBB: APNS) is attracting an increasing level of interest within the healthcare and financial fields, which we believe results from its promising intellectual property in the understanding of Alzheimer's disease. The recently-announced agreement with Eli Lilly and Company (NYSE:LLY), discussed in our report, will position Applied NeuroSolutions to be able to further validate their science and to continue their work in developing novel diagnostic and therapeutic products in the critical area of Alzheimer's disease. While we believe that there is certainly a level of risk in any development-stage biopharmaceutical company, Applied NeuroSolutions now seems poised to continue its research and development in an area of great upside potential. Accordingly we recently upgraded our recommendation of the stock to Strong Speculative Buy from Speculative Buy, which was based on the Company's science but tempered by the Company's previous financial uncertainties.
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African Platinum plc LSE: APP $0.72
Research Note
Industry: Metals & Mining
Rating: Speculative Buy (Reiterated)
Price Target: $1.20
By: Les W. Childress
African Platinum: Record Platinum Price of $1400 Per Ounce May Have Only Limited Short Term Affect on African Platinum Shares
December 1, 2006. African Platinum plc (LSE: APP) may only recognize short term affect from the price of platinum which surged to a record $1400 per ounce last week.
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Avigen, Inc. NasdaqNM: AVGN $5.71
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $8.00
By: William R. Prather, RPh, MD
Avigen Announces Completion of Phase I Clinical Trial for AV650 - Documentation That the Company is Meeting Our Timelines
December 6, 2006. Avigen, Inc. (NasdaqNM: AVGN) announced on December 6, 2006 the completion of their Phase I Clinical Trial for AV650 (tolperisone), an oral pharmaceutical intended for the treatment of neuromuscular spasticity and spasm. AV650, which has been available internationally but not previously approved in the U.S. was found to be well tolerated with no evidence of sedation in this trial. The completion of this milestone affirms our belief that Avigen is on-track with the product development strategy. We are reiterating our Speculative Buy rating with a 12 month price target of $8.00.
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Biophan Technologies, Inc. OTCBB: BIPH $0.48
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $2.00
By: Richard W. West, CFA
Biophan Appoints Mr. Stan Yakatan to Board of Directors;Strong Speculative Buy Rating Reiterated
December 7, 2006. Biophan Technologies, Inc. (OTCBB:BIPH), a developer of medical technologies, announced today December 7, 2006, that Stan Yakatan has been appointed to the board of directors. Mr. Yakatan brings to Biophan much experience in life sciences and biotechnology and will undoubtedly be an asset. We reiterate our Strong Speculative Buy rating and price target of $2.00 per share.
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Chembio Diagnostics, Inc OTCBB: CEMI $0.75
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $1.50
By: Stephen L. Handley
Chembio Diagnostics At Strong Speculative Buy Rating In Update
December 5, 2006. Chembio Diagnostics (OTCBB: CEMI) is a small company that develops, manufactures and markets rapid diagnostic tests that aid in the detection of infectious diseases. The most significant program underway is the commercialization and marketing of its HIV rapid tests, because they compete in large worldwide markets and offer differentiated features from HIV tests offered by others. Furthermore, last month the Company took two important steps that should enable it to more fully capitalize on these products - it obtained a capable marketing partner (Inverness Medical Innovations, Inc.) as well as financing of $8.15 million; the latter is expected to fund the Company through 2007. Chembio's products employ proprietary lateral-flow technology that it has in-licensed; and earlier this year the Company introduced its patent-pending rapid-test platform known as DPP™ (Dual Path Platform) which management claims produces higher levels of product performance. Chembio is using DPP to develop a number of new tests, including an oral fluid HIV test and a syphilis test pursuant to a recently announced collaboration with the U.S. Centers for Disease Control (CDC). We initiated research coverage of Chembio during February 2006 with a Speculative Buy rating and a one-year price target for the stock of $1.00 per share. However, in April, after the Company received an "approvable" letter from the FDA for two of its rapid HIV tests, we increased our price target to $1.50.
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Clearant, Inc. OTCBB: CLRI $0.39
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Neutral (Reiterated)
By: Sally H. Wallick, CFA
Clearant, Inc. Signs Distribution Agreement For Northeast.
December 13, 2006. Clearant, Inc. (OTCBB: CLRI) has signed an agreement with OR Specialties, a leading distributor of orthopedic surgical supplies for OR Specialties' 13 sales representatives to market CLEARANT PROCESS(R) Sterile Implants to sports medicine specialists in New York, northern New Jersey, Connecticut, Rhode Island and western Maine. Currently, Clearant has no sales representation in the Northeast. Therefore, this arrangement complements and expands the Company's existing direct sales efforts and, as a result, it should boost its revenue and earnings potential. Since introducing the direct sales initiative in late June, Clearant has taken a number of steps to strengthen and support this effort, including hiring experienced sales representatives and signing supply agreements with two leading tissue banks. This strategy already is paying off, as indicated by growth in the number of allografts sold by the Company's sales force to a record 47 in November, up from 26 sold in October. We rate Clearant's shares Neutral. Despite the promise of the Company's sterilization technology and the initial success of its new direct distribution strategy, we believe that it is imperative that the Company raise additional capital before year end and that it faces significant near-term financial and operational risk if unable to do so.
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Clearant, Inc. OTCBB: CLRI $0.39
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Neutral (Reiterated)
By: Sally H. Wallick, CFA
Clearant Direct Distribution Sales at Record Level in November; New Strategy Continues to Gain Traction.
December 6, 2006. Clearant, Inc.'s (OTCBB: CLRI) direct distribution sales continue to show strong growth. In November, the Company's sales force sold 47 CLEARANT PROCESS(R) Sterile Implant cervical spinal and soft tissue allografts directly to surgeons, hospitals and clinics, up from 26 sold in October. The two-month (October/November) total of 73 CLEARANT PROCESS Sterile Implants sold is up 40% from 52 sold during the entire third quarter. Management noted that Clearant is on track to sell approximately 100 implants in the fourth quarter, roughly double the third quarter level. We rate Clearant's shares Neutral. Despite the promise of the Company's sterilization technology and the initial success of its new direct distribution strategy, we believe that it is imperative that the Company raise additional capital before year end and that it faces significant near-term financial and operational risk if unable to do so.
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Clearant, Inc. OTCBB: CLRI $0.39
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Neutral (Reiterated)
By: Sally H. Wallick, CFA
Clearant, Inc. Announces Supply Agreement for Direct Distribution of Soft Tissue. Neutral Rating Reiterated.
December 5, 2006. Clearant, Inc. (OTCBB: CLRI): Clearant announced an agreement to acquire sports medicine implants from Tissue Banks International (TBI), a leading supplier of tissue for orthopedic, spinal, sports medicine and urologic surgery, for direct distribution to the Company's customers. TBI, which licenses Clearant's tissue sterilization technology, has supplied CLEARANT PROCESS(R)-treated tissue since 2004. This is the second supply agreement reached by Clearant. The first, with Osprey Biomedical, was for hard tissue, while the TBI agreement is for soft tissue. Therefore, this agreement allows the Company's sales representatives to offer surgeons and clinics a broader range of products and to better satisfy its tissue customers' needs. We rate Clearant's shares Neutral. Despite the promise of the Company's sterilization technology and the initial success of a new direct distribution strategy aimed at boosting revenue, we believe that it is imperative that the Company raise additional capital before year end and that it faces significant near-term financial and operational risk if unable to do so.
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BluePoint Energy Inc. OTCBB: CPEU $1.70
Research Note
Industry: Oil, Gas & Energy
Rating: Strong Speculative Buy (Reiterated/Update)
Price Target: $2.40
By: Richard W. West, CFA
BluePoint Energy, Inc. and Starwood Hotels Expand Relationship; Strong Speculative Buy Reiterated; Raising Price Target
December 13, 2006. Chapeau, Inc., d/b/a BluePoint Energy, Inc. (OTCBB:CPEU), announced a master form of agreement to provide energy conservation services for a significant number of properties owned by Starwood® Hotels & Resorts Worldwide, Inc. (NYSE:HOT-$64.00). We reiterate our rating of Strong Speculative Buy and raise our 12-month price target from $2.10 to $2.40 per share.
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BluePoint Energy Inc. OTCBB: CPEU $1.70
Research Note
Industry: Oil, Gas & Energy
Rating: Strong Speculative Buy (Reiterated/Update)
Price Target: $2.40
By: Richard W. West, CFA
BluePoint Energy, Inc. and Starwood Hotels Expand Relationship;Strong Speculative Buy Reiterated; Raising Price Target
December 12, 2006. Chapeau, Inc., d/b/a BluePoint Energy, Inc. (OTCBB:CPEU), announced a master form of agreement to provide energy conservation services for a significant number of properties owned by Starwood® Hotels & Resorts Worldwide, Inc. (NYSE:HOT-$64.00). We reiterate our rating of Strong Speculative Buy and raise our 12-month price target to $2.40 per share.
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Chilco River Holdings, Incorporated OTCBB: CRVH $0.50
Research Report
Industry: Leisure & Entertainment
Rating: Neutral (Reiterated)
By: Gerald F. LaKarnafeaux, CFA
Chilco River Holdings Neutral Rating Maintained In Update Coverage; Adding New Venues For Business In Latin America
December 4, 2006. The core business and assets of Chilco River Holdings (OTCBB: CRVH) is the Bruce Hotel and Casino (Bruce) located in Lima, Peru. Prior to the merger with the publicly traded shell company, Chilco, on July 15, 2005, Bruce was owned and operated by the private company Kubuk International. In contemplation of the merger with Chilco and the resultant access to the public capital markets, the Kubuk management, we opine prematurely, closed the Bruce casino operations to undergo an expansion and renovation (the project) of the highly profitable gaming facility. The project was estimated to cost $5 million. By closing the casino operations before securing a financing on favorable terms, the Company's cash flow from Bruce has been substantially reduced. In 2005, casino revenues contracted by 70% to $2.6 million from the 2004 level of $8.8 million. Clearly, the premature closing of the Bruce casino and management's misplaced optimism regarding the aborted financing proposal has undermined the stock's investment potential over the short term.
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DXP Enterprises Inc Nasdaq: DXPE $29.79
Research Note
Industry: Industrial & Manufacturing
Rating: Strong Buy (Reiterated)
Price Target: $50.00
By: Paul J. Resnik, CFA
DXP Enterprises Stock Volatility Appears Technically-Driven; Reiterate Strong Buy Rating Based on Attractive Fundamentals
December 13, 2006. DXP Enterprises (Nasdaq: DXPE) shares have shown unusual volatility in recent days despite the absence of new corporate developments (confirmed by our contact with the Company) or even significantly above-average volume. DXP shares, based on our earnings per share estimates of $2.04 for 2006 and $2.73 for 2007, are trading about in line with the S&P 500 multiple based on 2006 earnings and at a discount based on 2007 earnings. Given that the Company achieved an earnings gain of almost 100% in 2005 and is expected to achieve gains of over 100% in 2006 and more than 30% in 2007, we believe a higher valuation is warranted. Our current 12-month price target of $50 assumes the shares trade at 18.3 times 2007 EPS, a moderate premium to the market. We believe investors would do well in focusing on the longer term fundamental prospects for DXP in evaluating the appeal of the stock rather than the daily stock price fluctuations. We reiterate our Strong Buy recommendation.
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Elron Electronic Industries LTD. Nasdaq: ELRN $12.70
Research Note
Industry: Electronics & Engineering
Rating: Strong Buy (Reiterated)
Price Target: $15.00
By: Barry Raeburn
Elron: Positive Developments Continue, Sells Remaining Holdings in Partner Communications for $40 million
December 7, 2006. Elron Electronic Industries Inc. (NasdaqGM: ELRN): Positive developments continue as Elron sells its remaining holdings in Partner Communications for $40 million. Elron shares have been trending higher for the last few months yet still trade at a discount to Net Asset Value (NAV). We maintain our Strong Buy rating and 12-month price target of $15.
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Elron Electronic Industries LTD. Nasdaq: ELRN $12.70
Research Note
Industry: Electronics & Engineering
Rating: Strong Buy (Reiterated)
Price Target: $15.00
By: Barry Raeburn
Elron Group Company Jordan Valley Semiconductors, Inc. Expects 100% Growth in Bookings for 2006; Lands Order From Major DRAM Manufacturer
December 4, 2006. Elron Electronic Industries, Ltd. (NasdaqGM: ELRN) group company, Jordan Valley Semiconductors, Inc., expects 100% growth in bookings for 2006. The Company landed an order from a major DRAM manufacturer. Progress continues to be made within the group companies. Numerous recent announcements involving group companies are creating upward revaluations of Elron's private companies. We maintain our Strong Buy rating and 12-month price target of $15.
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Evolution Petroleum Corporation AMEX: EPM $2.80
Research Report
Industry: Oil, Gas & Energy
Rating: Strong Buy (Reiterated)
Price Target: $4.67
By: Richard R. Wolfe, CFA
Evolution Petroleum Strong Buy Rating Maintained;Over The Longer Term, We Expect Proved Reserves To Exceed 10x Present Levels.
December 7, 2006. Evolution Petroleum (AMEX: EPM) is a recently established oil and gas exploration and production company with a strategic opportunity in enhanced oil recovery (EOR) methods. The Company's leading asset, its Delhi Field in Louisiana, is attractively positioned for redevelopment as an EOR project using carbon-dioxide (CO2) flood technology. On June 12, 2006, the Company closed on a major transaction committing the Delhi Field to a CO2 project and bringing in a $50 million payment. The Company is now cash-flow positive (on a discretionary cash-flow basis) and should begin to show net earnings during the second half of its 2007 fiscal year (ending June 30, 2007). Over the longer term, we expect proved reserves to exceed 10x present levels. We value the Company's common shares, using the discounted cash-flow method, at $4.67 per share, a premium of 90%-100% over present trading levels and accordingly reaffirm our rating of Strong Buy.
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Forgent Networks, Inc. Nasdaq: FORG $0.97
Research Note
Industry: Computers, Technology & Internet
Rating: Neutral (Reiterated)
By: Richard W. West, CFA
Forgent Networks, Inc. Reports Positive Results for First-Quarter FY2007; Stock Responds to Profitable Quarter
December 9, 2006. Forgent Networks, Inc. (NasdaqNM:FORG) reported December 8, 2006, results for the first quarter ended October 31, 2006, that were positive in every respect. The stock was strong Friday, up 70%; Neutral Rating reiterated.
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Forgent Networks, Inc. Nasdaq: FORG $0.97
Research Note
Industry: Computers, Technology & Internet
Rating: Neutral (Reiterated)
By: Richard W. West, CFA
Forgent Networks, Inc. Will Announce 2007 Fiscal First Quarter Earnings on December 8, 2006;Conference Call Scheduled
December 4, 2006. Forgent Networks, Inc. (NasdaqNM:FORG) announced today, December 4, they will release, this coming Friday, December 8 at 9:00 a.m. ET, the results of the fiscal first quarter for the period ending October 31, 2006. There will also be a conference call to discuss the quarter and outlook this Friday at 11:00 a.m. ET.
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HydroGen Corp OTCBB: HYDG $4.50
Research Note
Industry: Oil, Gas & Energy
Rating: Speculative Buy (Reiterated)
Price Target: $8.25
By: Sally H. Wallick, CFA
HydroGen Corporation: Presentation Highlights 2006 Accomplishments and 2007 Objectives. Speculative Buy Reiterated.
December 13, 2006. HydroGen Corporation (OTCBB: HYDG) held an invitation-only plant tour on December 12 at the Company's manufacturing and test facility in Versailles, Pennsylvania and hosted a live Web cast of a presentation in which management highlighted the Company's 2006 accomplishments and set out its 2007 objectives. HydroGen's business plan is aimed at generating significant returns for shareholders by making the Company the leading manufacturer of stationary fuel cells for power generation in multi-megawatt applications. In 2006, we believe that HydroGen made significant progress toward achieving these goals. Looking forward to 2007, management plans to build on its 2006 accomplishments as it progresses toward commercializing its technology. Objectives for the year include: (1) Completing successful demonstrations of full-scale plants in Versailles and at ASHTA Chemicals; (2) Achieving two MW power island(s) unconditional sales and multi-megawatt conditional sales; (3) Continuing advanced manufacturing development; and (4) Raising additional capital (although management believes that the Company has sufficient cash to fund operations and pursue its businesses strategies through the end of 2007). We reiterate our Speculative Buy rating on HydroGen's shares.
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Hydrogen Power International, Inc. OTCBB: HYDP $1.45
Research Report
Industry: Oil, Gas & Energy
Rating: Neutral (Reiterated)
By: Sally H. Wallick, CFA
Hydrogen Power International Neutral Rating Maintained; Important Advantages Relative To Existing Methods Of Hydrogen Production.
December 8, 2006. In late September, Hydrogen Power International (OTCBB: HYDP) merged its wholly owned subsidiary, Seattle-based Hydrogen Power, Inc., which it acquired on March 14, 2006, with and into the Company and changed its name to Hydrogen Power, Inc. Hydrogen Power has developed a patented hydrogen-production technology, Hydrogen NowTM. We believe that Hydrogen Now has important advantages relative to existing methods of hydrogen production. For example, it can generate hydrogen on-site and on-demand without electricity, overcoming significant transportation, storage and compression problems. Also, raw materials used in the Hydrogen Now process, mainly aluminum and water, are readily available, relatively inexpensive, nontoxic and safe to handle, and the byproducts of the process are recyclable. The effectiveness of the Hydrogen Now process has been proven in the laboratory through extensive testing and it is now ready for commercialization. Since Hydrogen Power is in the early stages of commercializing its technology, we believe that, from an investment standpoint, evidence that the Company is making measurable financial and operational progress toward successful commercialization will be more important than income statement results in the near term. We rate Hydrogen Power common shares Neutral. We believe that Hydrogen Power's hydrogen-production process has important differentiating characteristics and that there are a number of reasons for optimism about its long-term opportunities for commercialization.
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Internet Gold-Golden Lines Ltd Nasdaq: IGLD $11.70
Research Report
Industry: Computers, Technology & Internet
Rating: Buy (Reiterated/Update)
Price Target: $15.00
By: Rafael K. Kapelinski
Internet Gold Buy Rating Maintained and Price Target Raised; Now Expect 2007E Revenues of US$260.7 million and EPS of US$0.81 As Result of Scope of the Synergies Between the Two Companies Post Merger
December 5, 2006. In hindsight, we believe that we were too cautious in our estimates for Internet Gold (Nasdaq: IGLD) regarding the impact of the full consolidation of Golden Lines, which is now owned fully owned by Internet Gold. Over time it has become clear that the scope of the synergies between the two companies is more significant than initially expected, especially in terms of profitability, which we have reflected in our new forecast. As a result, we now expect 2007E revenues of USD $260.7 million and EPS of USD $0.81. The outlook for the joint entity is very positive. Internet Gold contributes a strong management team with an excellent track record in containing expenses and a coherent vision to position the merged company as a leading telecommunications and Internet media player in Israel. Golden Lines brings in around 220,000 active broadband subscribers, a license to enter the local telephony market along with the requisite infrastructure and tremendous cross-selling potential; the Company did not offer any value-added services such as anti-spam and anti-virus software, etc. Given the new estimates, the shares are trading at P/EBITDA 2007 of 5.3x, which we do not view as aggressive given the historic levels of around 8 - 9x. In our view, considering the management's track record and the scope of the growth opportunities in Israel, we set a price target objective of USD $15.00 (8.1x EBITDA 2007E).
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InkSure Technologies Inc OTCBB: INKS $3.00
Research Note
Industry: Electronics & Engineering
Rating: Speculative Buy (Change)
Price Target: $3.50
By: Rafael K. Kapelinski
Inksure Technologies: Downgrading to Speculative Buy on Share Price Increase, New Target of USD $3.50.
December 6, 2006. Inksure Technologies, Inc. (OTCBB: INKS): We are downgrading our rating from Buy to Speculative Buy following the recent strength in the share price. At the current levels the common shares are trading at 27.3x 2007E sales, which we view as aggressive. However, we set a new price target of USD $3.50 (31x 2007E sales) as we believe that the share price should remain strong over the next few quarters due to the RFID promise, which we believe should account for around 20% of all 2007E revenues, and also the accelerating momentum in the conventional ink-based security solutions business.
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LJ International Inc. NasdaqNM: JADE $4.16
Research Report
Industry: Consumer & Retail Products
Rating: Speculative Buy (Reiterated/Update)
Price Target: $5.40
By: Sally H. Wallick, CFA
LJ International Lowered To Speculative Buy Rating; No Alteration In Our View That LJI's Long-Term Revenue And Earnings Growth Prospects Are Bright
December 5, 2006. LJ International's (Nasdaq: JADE) third quarter revenue increased 25% year-over-year to $33.2 million. Diluted third quarter earnings were up 20% to $0.12 per share. Revenue growth, gross margin expansion and higher other income contributed to a 47% increase in net income year-over-year, but a higher share count resulted in slower growth in diluted earnings per share. In conjunction with reporting third quarter 2006 results, management set forth fourth quarter 2006 guidance, including revenue projections of $33 million-$37 million (up approximately 5%-17% year over year), net income projections of $0.7 million-$2.1 million (versus $1.4 million last year), and diluted earnings per share projections of $0.04-$0.11 (versus $0.09 per share last year). We believe that the wide estimate ranges reflect, in part, uncertainty as to when some large wholesale orders for Valentine's Day merchandise will be received and booked. In response to revenue and diluted earnings per share guidance below our estimates, we reduced our full-year 2006 and 2007 diluted earnings estimates for LJI to $0.25 (the midpoint of management's guidance range) and $0.33 per share, respectively, from $0.30 and $0.37 per share. The rating change did not reflect any alteration in our view that LJI's long-term revenue and earnings growth prospects are bright.
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Logility Inc. Nasdaq: LGTY $8.00
Research Note
Industry: Computers, Technology & Internet
Rating: Strong Speculative Buy (Reiterated/Update)
Price Target: $12.50
By: David P. Soetebier, CFA
Logility Reports 17% Increase in Operating Earnings
December 12, 2006. Logility, Inc. (Nasdaq: LGTY), a leading supplier of collaborative solutions to optimize the supply chain, announced favorable financial results for its second quarter of fiscal year 2007. The 17% increase in operating earnings was basically in line with our estimate driven by a 19% increase in Service revenues and 17% increase in Maintenance revenues. Software license fees of $3.3 million (down 7% year over year) were $700,000 below our estimate. However, spending on R&D and G&A expenses were below our estimate resulting in fully diluted earnings per share of $0.08 that was in line with our estimate. Our fully diluted earnings per share estimate for the April 07 year remains $0.39 and fiscal 2008 $0.50. Our 12-month target is $12.50.The shares remain rated Strong Speculative Buy.
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Lime Energy Co. OTCBB: LMEC $1.00
Research Note
Industry: Oil, Gas & Energy
Rating: Strong Speculative Buy (Change)
Price Target: $2.00
By: Richard W. West, CFA
Lime Energy Co. Stock Under Tax-Selling Pressure; Raising Rating to Strong Speculative Buy and Price Target to $2.00 per share.
December 8, 2006. Lime Energy Co.'s (OTCBB:LMEC) results for the third quarter, released on November 13, 2006, revealed a recovery beginning. We believe the tax-loss inspired weakness is a buying opportunity. We raise our rating to a Strong Speculative Buy.
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Medivation, Inc. AMEX: MDV $16.91
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $22.00
By: Wayne M. Lottinville, CFA
Medivation Raises $34 million From Stock Placement; Reiterate Strong Speculative Buy
December 8, 2006. Medivation, Inc. (AMEX: MDV), said that it has agreed to sell 2.2 million shares of stock at $16.25 per share to institutional investors through a registered direct offering. This equals $35.75 million in gross proceeds before placement agent fees and other offering expenses. We estimate that Medivation will net $34 million or so after expenses. The deal is expected to close on December 13. Once completed, the company will have 27.6 million shares outstanding.
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Medivation, Inc. AMEX: MDV $16.91
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $22.00
By: Wayne M. Lottinville, CFA
Medivation Strong Speculative Buy Rating In Update; Recent Phase 2 Clinical Results For The Treatment Of Alzheimer's Disease Are Compelling
December 6, 2006. Medivation's (AMEX: MDV) recent Phase 2 clinical results for the treatment of Alzheimer's disease are compelling. Not only did Dimebon-treated patients show an improvement over placebo, but they demonstrated a significant improvement over baseline for all five endpoints of the study. That is, patients at the end of the study were actually better off than when they started. An extension of this trial is currently in progress and could offer additional clues as to how much Dimebon-treated patients might improve over a longer treatment period. Based on the dramatic and promising results from Medivation's Phase 2 study and on our perceptions of management's capabilities, we believe the Company has a better than average opportunity to clear regulatory hurdles and ultimately win FDA approval for using Dimebon to treat Alzheimer's disease, and perhaps Huntington's disease too. Medivation's development program using Dimebon to treat Huntington's disease is currently is the first part of a two-part Phase 1-2a clinical study. Medivation expects to file an investigational new drug application with the FDA in the first quarter of 2007 to begin a clinical study for treatment of prostate cancer with a group of drug candidates, its MDV3100 series.
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Medivation, Inc. AMEX: MDV $16.91
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $22.00
By: Wayne M. Lottinville, CFA
Medivation Expands Senior Management Team; Reiterate Strong Speculative Buy
December 5, 2006. Medivation, Inc. (Amex: MDV), has expanded its senior management team with the appointment of Sue Wollowitz, Ph.D., as vice president, chemistry and manufacturing. Dr. Wollowitz has 20 years of experience in drug discovery and development. For the past three years, she served as president of Wollowitz Associates, a consulting business that assists small and emerging pharmaceutical companies in process scale-up, outsourcing, in-licensing, and regulatory approvals.
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Midway Gold Corp. TSE-V: MDW $2.56
Research Note
Industry: Metals & Mining
Rating: Speculative Buy (Reiterated)
Price Target: $3.75
By: Mike Niehuser
Midway Gold Announces Acquisition
December 13, 2006. Midway Gold Corp. (TSX Venture: MDW) announced its intent to acquire Pan-Nevada Gold Corporation (TSX Venture: PNV). The acquisition would immediately double the company's resources and exploration potential. We anticipate that the transaction should close by the end of 1Q07.
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Midway Gold Corp. TSE-V: MDW $2.56
Research Note
Industry: Metals & Mining
Rating: Speculative Buy (Reiterated)
Price Target: $3.75
By: Mike Niehuser
Midway Gold 2006 Drill Program Expands Spring Creek Deposit
December 8, 2006. Midway Gold Corp. (TSX Venture: MDW) reported results from its 2006 drill program at its Spring Valley project in Nevada. Results indicate the project is located in a large gold system with opportunity for expansion. The company reports drilling approximately 25,000 meters in 2006 with sufficient liquidity to complete a similar program in 2007.
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Oragenics Inc AMEX: ONI $1.12
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $3.75
By: Wayne M. Lottinville, CFA
Oragenics Calls In Warrants To Provide Needed Funding; Reiterate Speculative Buy
December 12, 2006. Oragenics, Inc. (Amex: ONI) said that it will exercise its right to accelerate the redemption of warrants associated with its December 2005 private financing round. Management estimates that the exercise of these warrants should provide, at a current monthly burn rate of $150,000, the additional funds it needs to meet its development timeline through 3Q07. Warrant holders are entitled exercise their warrants at $0.60 per share, but they must act by January 8, 2007. A total of 1.4 million shares of Oragenics' common stock is involved in this accelerated redemption call. The exercise of all would generate $840,000.
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Oragenics Inc AMEX: ONI $1.12
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $3.75
By: Wayne M. Lottinville, CFA
Oragenics Scientists Describe Antibiotic Research In New Textbook; Reiterate Speculative Buy
December 6, 2006. Oragenics, Inc. (Amex: ONI) now has a description of its antibiotic research included as a chapter of a new textbook. Published in November by Horizon Bioscience, the 218 page text is titled Research and Applications in Bacteriocins. Bacteriocins comprise a large and functionally diverse family of toxins found in most microbial species. They play a critical role in mediating microbial interactions and in maintaining microbial diversity, and are major mediators of antagonism between bacterial cells. These peptides or proteins display remarkable selectivity and typically exert their toxic action only against related bacteria. Being harmless for eukaryotic cells, bacteriocins offer a potent alternative tool to combat bacterial infections.
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Oragenics Inc AMEX: ONI $1.12
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $3.75
By: Wayne M. Lottinville, CFA
Oragenics Files Patent For Unique TB Gene Targets; Reiterate Speculative Buy
December 5, 2006. Oragenics, Inc. (Amex: ONI) announced today the filing of a U.S. patent application covering a collection of 44 genes of Mycobacterium tuberculosis that are specifically induced during active infection of human patients. The identification of these gene targets offers the promise of a new tuberculosis (TB) diagnostic test to meet a critical worldwide need. In addition, development of this science could serve as the basis for a new vaccine against TB infection. Oragenics also announced that the early exercise of stock warrants added $420,000 to its cash position. This additional funding should be enough to get Oragenics through 1Q07.
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PacificHealth Laboratories Inc. OTCBB: PHLI $1.17
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $2.00
By: Jonathan H. Ziegler, CFA
PacificHealth Laboratories Speculative Buy Rating Reiterated in Update Report
December 4, 2006. PacificHealth Laboratories, Inc. (OTCBB: PHLI) focuses on the discovery, development and commercialization of patented, protein-based nutritional products that stimulate specific peptides involved in appetite regulation and that activate biochemical pathways involved in muscle performance and growth. The Company's principle areas of focus include weight loss, management of Type 2 diabetes and sports performance. We believe the outlook for 2007 is highly positive. The Company anticipates strong growth from its sports nutrition product line resulting from the launch of ACCELERADE® Ready-To-Drink by Cadbury Schweppes Americas Beverages, new products that will be launched in the first quarter, and significant new initiatives involving retail and web-based sales.
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Pluristem Life Systems Inc OTCBB: PLRS $0.02
Research Report
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Speculative Buy (Reiterated)
Price Target: $0.06
By: William R. Prather, RPh, MD
Pluristem Life Sciences Speculative Buy Rating In Update Coverage; Invited To Present Data At The American Society of Hematology (ASH) on December 10, 2006
December 11, 2006. Pluristem's (OTCBB: PLRS) PluriX™ technology has the potential to enable umbilical cord blood to become an alternative to bone marrow transplant (BMT), eliminating the current BMT search and match process. Since we initiated coverage on the Company in September 2006, we believe Pluristem has made significant strides with its technology, documented, in part, by the fact that they were invited to present data at the American Society of Hematology (ASH) on December 10, 2006, in Orlando, Florida. We also believe the Company is negotiating collaborations with other companies and scientific entities for using PLX cells in addressing a variety of ailments such as stroke and limb ischemia (lack of blood supply). This is because the stem cells expanded in Pluristem's PluriX reactor are multipotent and potentially able to differentiate into a variety of other cells, tissues and organs. Additionally, we believe these cells are also immune-privileged. We believe that at Pluristem's current market value of approximately $3.8 million, speculative, risk-tolerant, patient investors could potentially see a significant upside relative to a downside of losing their entire investment. We believe this is true despite the fact that Pluristem will need to raise additional capital in the spring of 2007. One only need examine comparable companies such as Osiris Therapeutics, Inc. (NASDAQ:OSRI) and ViaCell (NASDAQ:VIAC), which have an average value of approximately $375 million, to see the potential upside for Pluristem.
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Pipeline Data Inc. OTCBB: PPDA $1.30
Research Report
Industry: Computers, Technology & Internet
Rating: Strong Buy (Reiterated)
Price Target: $2.00
By: David Riedel
Pipeline Data Rating Maintained At Strong Buy; Spent Three Years Building Itself Into A Significant Player In Credit Card Transaction Processing.
December 13, 2006. Pipeline Data (OTCBB: PPDA) is a financial services company specializing in providing systems and services for the credit card transaction processing industry in both traditional card-present transactions and in card-not-present transactions. Pipeline Data has spent the past three years building to make itself into a significant player in credit card transaction processing. Counting recently announced and intended acquisitions; the Company's portfolio includes 40,000 merchant accounts. In the quarter ended September 30, 2006, the gross profit margin increased by 171% and EBITDA for the same period grew by 106%. Net profit of $(304,708) was impacted by non-cash and one-time expenses. Based on the valuation for similar payment processing companies, we estimate fair value for the shares at $2.00 (19x 2007 estimated EPS). This would be a 40% increase from the current share price, which supports our Strong Buy rating.
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Patriot Scientific Corp. OTCBB: PTSC $0.61
Research Note
Industry: Electronics & Engineering
Rating: Strong Speculative Buy (Change)
Price Target: $1.12
By: Richard W. West, CFA
Patriot Scientific Announces Additional Licensee;Stock Under Year-End Tax-Selling Pressure
December 12, 2006. Patriot Scientific Corporation (OTCBB:PTSC) announced today that Lexmark Inc. (NYSE: LXK-$74.16) purchased a license that gives it the right to use technologies protected by the Moore Microprocessor Patent. The Lexmark license is the second license announced in the past 15 days. Stock appears to be stalled by year-end tax selling. We are increasing our rating to a Strong Speculative Buy, while maintaining our 12-month price target of $1.12
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SES Solar Inc. OTCBB: SESI $1.15
Research Report
Industry: Industrial & Manufacturing
Rating: Speculative Buy (Reiterated)
Price Target: $2.10
By: Sally H. Wallick, CFA
SES Solar Speculative Buy Rating In Update Coverage; Well Positioned To Benefit From Soaring Demand For Solar Energy In Europe And Worldwide
December 13, 2006. SES Solar (OTCBB: SESI) was formed as a result of a September 2006 merger between SES and Societe d'Energie Solaire, a Swiss-based company that researches, develops, produces and installs solar energy (photovoltaic or PV) products, including PV modules and roof tiles, with a special emphasis on high-quality products that can be architecturally integrated into new or existing structures. We believe that SES is well positioned to benefit from soaring demand for solar energy in Europe and worldwide and that its prospects will be enhanced further when it consolidates production in a new plant in Geneva Canton, Switzerland in late 2007. This facility will be fully automated and incorporate innovative manufacturing techniques, resulting in lower labor costs, higher quality electrical contacts, greater operating efficiencies and higher production volumes. In the next 9-12 months, we project that SES's revenue will be modest. Given this scenario, in the near-term, we believe that SES's share price may be driven in part by the completion of Company-specific milestones, including the successful raising of additional capital (it recently took a step in that direction with the announcement of a $3.7-million private placement), progress on construction of the new plant, the production of new-product prototypes, the signing of PV module sales agreements with one or more leading PV cell manufacturers, and sales volumes of SES solar tiles.
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SES Solar Inc. OTCBB: SESI $1.15
Research Note
Industry: Industrial & Manufacturing
Rating: Speculative Buy (Reiterated)
Price Target: $2.10
By: Sally H. Wallick, CFA
SES Solar Inc.: Tougher Emissions Restrictions in Europe Could Boost Demand for Solar Energy Long Term.
December 5, 2006. SES Solar Inc. (OTCBB: SESI): European Union officials recently announced tougher restrictions on emissions linked to global warming. For example, under the new rules, which will become effective in 2008, covered industries in Germany must cut emissions by 4.4% from 2005 levels. We believe that tighter emissions controls could help to boost demand for emissions-free energy alternatives such as solar and, therefore, could benefit SES Solar long term. SES Solar, which produces solar energy products, including photovoltaic modules and roof tiles, plans to consolidate production in a new specially designed state-of-the-art manufacturing facility in Geneva Canton, Switzerland by late 2007. We rate SES Solar shares Speculative Buy. For more detailed information on the Company, please see the Dutton Associates report dated October 16, 2006.
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Smart & Final NYSE: SMF $18.97
Research Note
Industry: Consumer & Retail Products
Rating: Buy (Reiterated)
Price Target: $21.00
By: Jonathan H. Ziegler, CFA
Smart & Final New Store Opening Brings Total to 253; Buy Reiterated
December 6, 2006. Smart & Final Inc. (NYSE: SMF - News) reported on December 4 that it has opened a new store in Bakersfield, California. The new store brings the total number of stores operated by the company to 253. We continue our investment recommendation of Buy on the shares.
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Sunwin International Neutraceuticals, Inc. OTCBB: SUWN $0.68
Research Note
Industry: Healthcare, Biotechnology & Pharmaceutical
Rating: Strong Speculative Buy (Reiterated)
Price Target: $1.85
By: Stanley Ng
Sunwin International Neutraceuticals Contracts Leading Scientist to Advance the Development of Hypericin-based Products for Combating Avian Flu Virus; Reiterate Strong Speculative Buy Rating
December 6, 2006. Sunwin International Neutraceuticals, Inc. (SUWN.OB) announced on December 4 it has contracted a leading scientist, Dr. Jianping Liang, the Dean of the Research Institute of the Chinese Academy of Agricultural Sciences, to advance the development of Hypericin-based products for treating avian flu virus. If the Chinese Government mandates the use of Hypericin-based products in the poultry industry to prevent potential outbreaks of avian flu, management anticipates that revenue and earnings from its veterinary division could increase substantially for the years to come. We reiterate our Strong Speculative Buy rating.
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Seawright Holdings, Inc. OTCBB: SWRI $0.51
Research Report
Industry: Food Manufacturing & Products
Rating: Speculative Buy (Initial)
Price Target: $1.00
By: Jonathan H. Ziegler, CFA
Seawright Holdings Rating Speculative Buy In Initiating Coverage; Water Has Become One Of The Biggest Businesses At A Global Level
December 13, 2006. Seawright Holdings (OTCBB: SWRI) was formed in October 1999, and in October 2003 purchased a 145-acre property containing a spring located in Mt. Sidney, Virginia, for $1 million. The property -southwest of Washington Dulles Airport in the Shenandoah Valley - has a natural flow of spring water in excess of 1,000,000 gallons of water daily up from a depth of 1,000 feet. The Company's strategy is to sell natural spring water under the "Seawright Springs" label while aggressively pursuing the bulk sale of natural spring water produced on the Mt. Sidney property. Management's plans are to build a spring water distribution business through the three vehicles discussed in the report. Seawright has finished installing an updated bulk water loading facility at the Mt. Sidney spring site as of November 2006. Now this is completed, private labeled bottlers will be able to load water at Seawright's spring site and transport it to their bottling and packaging facilities. We believe the shares, currently trading at $0.51 per share, are inexpensive, but are very speculative and high risk. Investors should note that the Company is in a start-up mode, and consequently, our projections should be used as a guide because there has been no operating history. On that premise, we initiate coverage with a Speculative Buy rating with a price objective of $1.00 per share over the next 18 months.
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21st Century Holding Co Nasdaq: TCHC $25.08
Research Note
Industry: Banks, Financial Services & Insurance
Rating: Strong Buy (Reiterated)
Price Target: $35.00
By: Richard W. West, CFA
21st Century Raises Dividend 50%:Strong Buy Rating Reiterated: Increasing Price Target to $35.00 Per Share
December 5, 2006. 21st Century Holding Company's (NasdaqNM:TCHC)Board of Directors announced today, December 5, 2006, that they are raising the quarterly dividend 50%, from $0.12 per share to $0.18 per share, payable on March 1, 2007, to shareholders on record as of February 1, 2007. This is the second consecutive year that the dividend has been raised by 50%. We reiterate our Strong Buy rating and are raising our 12-month price target to $35.00 per share.
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American Telecom Services, Inc. AMEX: TES $3.40
Research Note
Industry: Telecommunications
Rating: Strong Speculative Buy (Reiterated)
Price Target: $9.00
By: Joe Noel
American Telecom Services - We Believe Shares Significantly Undervalued - Raising our Estimates Due to Expected Very Strong December Quarter Revenues
December 9, 2006. American Telecom Services, Inc. (AMEX: TES) shares are, we believe, significantly undervalued considering the strength we are expecting in the December quarter. Due to the rapid growth we are expecting over the next few quarters and the uniqueness of American Telecom's business model, we are reiterating our rating of Strong Speculative Buy.
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Top Image Systems Ltd Nasdaq: TISA $3.90
Research Report
Industry: Software
Rating: Buy (Reiterated/Update)
Price Target: $5.00
By: Rafael K. Kapelinski
Top Image Systems Buy Rating And Increased Target Price; Consolidating Position As A Leading Content Capture Player; Particular Strength in High-potential Unstructured Content Capture market.
December 11, 2006. We reiterate our Buy rating and upgrade our price target from US$4.00 to US$5.00 following strong 3Q 2006 results for Top Image Systems (Nasdaq: TISA). In the near future, we believe that the upcoming release of eFLOW 4 should consolidate the Company's position as one of the leading content capture players with a particular strength in the high-potential unstructured content capture market. The Company's management has delivered on all the promises: Top Image's profitability continues to improve with an operating margin reaching 3.3% in the seasonally weaker 3Q 2006 and the balance sheet is sufficiently strong to support the planned acquisitions. In our view, the current valuation remains very attractive (29.7x 2007E EPS and 2.2x 2007E revenues). Our price target of $5.00 implies 2.2x 2007E sales. TISA revenues and EPS for 2007 are forecast at US$23.3 million and US$.15 respectively.
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Telanetix, Inc. OTCBB: TNXI $1.48
Research Note
Industry: Electronics & Engineering
Rating: Strong Speculative Buy (Reiterated)
Price Target: $5.00
By: Joe Noel
Telanetix On Track for December Quarter
December 12, 2006. Telatetix, Inc (OTC:TNXI.OB) Our confidence level in our estimate for the December quarter of $753,000 in revenue remains high as it appears Telanetix, Inc. continues to penetrate the high end video conferencing market. We are expecting the quarterly loss to narrow considerably. We reiterate our Strong Speculative Buy rating on these shares.
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XAAR Plc LSE: XAR $4.73
Research Note
Industry: Computers, Technology & Internet
Rating: Strong Buy (Reiterated)
Price Target: $6.15
By: Rafael K. Kapelinski
XAAR Issues a Positive Trading Update: We Reiterate Our Strong Buy
December 7, 2006. XAAR plc (LSE: XAR) today has issued a positive trading update, which clearly indicates that the Company has seen significant recovery of the business in China. We reiterate our Strong Buy rating and price target of USD 6.5 (38% upside from the current levels).
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Information, opinions or recommendations contained in this research report or research note are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but we neither guarantee nor represent the completeness or accuracy. Such information and the opinions expressed are subject to change without notice. This research report or note is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. Neither the Firm, its principals, nor the assigned analysts own or trade shares of any company covered. The Firm does not accept any equity compensation. Anyone may enroll a company for research coverage, which currently costs US $39,500 prepaid for one-year. Reports are performed on behalf of the public, and are not a service to any company. The analysts are responsible only to the public, and are paid in advance to eliminate pecuniary interests and insure independence. Please read full disclosure and other reports and notes on the Company at www.DuttonAssociates.com.
The views expressed in this research report or note accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by Dutton Associates is in any way related to the specific recommendations or views contained in this research report or note.
Dutton Associates. John M. Dutton, President, 4989 Golden Foothill Parkway, Suite 4, El Dorado Hills, CA 95762 Phone (916) 941-8119, Fax (916) 941-8093
© Copyright 2006 by Dutton Associates
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