تكرم عينك
(ICCI) 8.75: Fulcrum upgrades ICCI to Buy from Neutral based on their belief that the co is likely to outperform 2004 expectations, as well as its highly attractive relative valuation; firm believes that CMCSA's abandonment of its bid for Disney will be a meaningful positive for ICCI, since ICCI's valuation is somewhat tied to Comcast given that Comcast owns 50% of Insight's underlying assets and the existence of a year-end 2005 split-up arrangement; while neither Comcast nor ICCI needs to do anything in terms of the split-up agreement, firm believes that it is likely something will happen (either Comcast acquiring ICCI or a split of the assets, with the remaining ICCI quickly acquired by another operator), and in that light, the higher Comcast trades, the more it could pay for ICCI without the deal being dilutive. Target is $10.50.
