Company briefs

Ganden subsidiary Azorim Properties reports net profit declined to NIS 14.01 million in 2001 from net profit of NIS 58.2 million in 2000. Revenue increased to NIS 98.6 million in 2001 from NIS 96.5 million in 2000.

Nessuah Zannex: Despite its new US competitor, we believe that Teva's Copaxone will continue to grow impressively, as current MS patients that use the drug are unlikely to switch to interferon therapies.

OTI (On Track Innovations) has been awarded a tender to exclusively provide contactless smart card-based readers to the Israeli government for secure access control. The deal is valued at $1.5 million.

Robertson Stephens has reiterated its "Market Perform" rating and $19 price target for Comverse (Nasdaq: CMVT).

UBS Warburg has downgraded Teva from "Buy" to "Hold" and cut the price target from $70 to $56.

Citibank has appointed Gus Felix to replace Nandan Mer as Citibank Israel general manager and CEO. The decision is part of the bank's policy to appoint US citizens, rather than locals, in countries where operations are starting out.

HP Israel has been awarded a tender valued at $3 million to become the exclusive provider of laser printers to the IDF and Ministry of Defense.

Electronics for Imaging (Nasdaq: EFII) profit warning: Q1 2002 revenue expected to reach $80-83 million with pro forma EPS of $0.03 - $0.04. Current Wall Street consensus estimates are for Q1 revenue of $107 million with EPS of $0.16.

Israel's trade deficit widened to $562 million in February 2002 from $443 million in the previous month.

Merrill Lynch has reiterated its "Reduce/Sell" rating and $13 price target for Comverse (Nasdaq: CMVT).

NICE Systems (Nasdaq:NICE) settles dispute with investors: NICE will pay a total of $4 million to investors who purchased its shares between February 16 2000 and February 8 2001.

Published by Israel's Business Arena on 11 March, 2002

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