Imation Corporation "strong buy;" target price raised - update

06/10/03 - First Albany

NEW YORK, June 10 (New Ratings) – Analysts at First Albany Corporation reiterate their "strong buy" rating on Imation Corporation (IMN). The target price has been raised from $31 to $42.

The analysts mention that the company’s joint venture with Moser Baer India is also progressing satisfactorily. The installation of Imation’s new tape coater is moving ahead on schedule, the analysts say. The company’s cash flows can be used for share buybacks, possible acquisitions, payment of dividends and expenditure on machinery. The company is expected to benefit from the strengthening of the euro against the dollar, the analysts believe.