Goldman Sachs Research Summary (MAR 20, 2007)

Earnings estimates RAISED for Ballard Power (BLDP), Cabot Oil & Gas (COG), Fuel Tech (FTEK), Southwestern Energy (SWN), Ultrapar (UGP), Westar Energy (WR).

Earnings estimates DECREASED for Chesapeake Energy (CHK), Evergreen Energy (EEE), Evergreen Solar (ESLR), Forest Oil (FST), Newfield Exploration (NFX), Pertobras Energia ADR (PZE), Petroleo Brasiliero (PBR), Pogo Producing (PPP), Reliant Energy (RRI), Norte (NT), Fuel Cell (FCEL), Noble Energy (NBL), Questar (STR).

Goldman Sachs says that right now is a great time to BUY Flextronics (FLEX) because of the pullback and now at an 11% discount to the coverage universe.  It also believes that recent and prospective contract wins lend confidence to a 10% to 15% revenue growth.  It also sees it improving in handsets, a key part of its growth strategy, winning from the likes of recent Qualcomm guidance.  Goldman Sachs sees a 27% upside based on its $14.00 target.

Maintains NEUTRAL rating on Alternative Energy sector to those with tangible economic results: Evergreen Solar (ESLR), Fuel Tech (FTEK), Evergreen Energy (EEE), and Fuel Cell (FCEL) all maintained neutral.

Goldman Sachs maintained negative pricing pressure and negative product mix in Q1 on Nortel Networks (NT).

Qualcomm (QCOM) defended after recent lawsuit news because it views the 2.9% cut to the royalty rates and the 21% cut to the annual CDMA market as unlikely scenarios; maintained Buy/Attractive.

eBay (EBAY) maintained Buy/Attractive based on Year-to-Date item listings.