Merrill Lowers Revenue, EPS Targets

After meeting with CEO Mike Zafirovski recently, Merrill Lynch analyst Vivek Arya decided to lower his 2007 revenue estimate to $11.48-billion from $11.78-billion amid concerns the company will see a 12% to 15% decline in wireless sales, which accounted for 44% of overall sales in 2006. Arya also reduced his 2007 EPS target to 68 cents from 74 cents (compared with the average estimate of 75 cents), and his 2008 EPS forecast has been dropped to $1.48 from $1.55.

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