TD Securities’ Chris Umiastowski had some good first impressions from Nortel annual investor day. In particular, he was enthusiastic aboutt the level of details provided by senior management. “It was refreshing to have completely open access to most of these executives during the day, and to actually get real (useful) answers to questions,” said in a research note. “We think Nortel deserves a lot of credit for putting on a good show with a lot of transparency.” Umiastowski said he found the useful presentations were made by Peter Currie, Joel Hackney and Dennis Carrey, who should light on how Nortel will generate $1.5-billion of increased operating profits. “Investors who are interested in this topic should certainly spend the time going through these presentations since a number of specific (and real) examples were used to explain to the Street how these cost improvements are being achieved.” Umiastowski rates Nortel a “hold” with a target price of $2.50.