Wednesday, March 3, 2010

Citibank Investment Daily 03.03.10 $UPRN $APC

Anadarko Petroleum Corp (APC) Bar Is Raised Looking Forward Recent Marcellus J.V. Accelerates Growth — Initial 2010 guidance targets 3- 5% production growth (7-9% CAGR through 2014) based on an E&D budget of
$5.3-5.6 billion plus $600-700 million in “carry” per the 2/16 Mitsui Marcellus j.v. Thus, we have raised our growth forecast to 4.8% from ~3.0%, which was based on total capital outlays of ~$5.3 billion versus $5.9-6.3 billion now
including the Marcellus carry. Operating cost guidance was essentially in line although deferred taxes are lower and production mix is more natural gas vs. our prior expectations. We are adjusting 2010 EPS/CFPS estimates to
$1.57/$10.80 from $1.57/$11.24. p4

Urban Outfitters Inc (URBN) — 4Q Earnings Preview
Earnings Preview — URBN will release 4Q09 results on Thursday, March 4th with an 11AM EST conference call (Dial in: 866-227-1607). URBN already reported 4Q sales +15.9% to $589M on a +4% comp. Our 4Q EPS estimate of $0.40 is inline with consensus and assumes gross margin +550 bps (vs. -550 bps LY including a -170 bps hit to 4Q08 GM from an increase in obsolescence reserve or anticipated markdowns) and SG&A dollars +14.4% to $125.5M (21.3% of sales vs. 21.6% LY) as it anniversaries large SG&A expense cuts & lower bonus accrual LY. We believe there could be $0.01-$0.02 upside potential to our 4Q EPS estimate of $0.40.

North America Investment Daily

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