Zacks Bull and Bear of the Day Highlights: El Paso Corp., Cadence Design Systems, ICICI Bank, Infosys and Wipro

Chicago, IL – June 24, 2009 – Zacks Equity Research highlights El Paso Corp. (EP - Analyst Report) as the Bull of the Day and Cadence Design Systems (CDNS - Analyst Report) the Bear of the Day. In addition, Zacks Equity Research provides analysis on ICICI Bank (IBN - Analyst Report), Infosys (INFY - Analyst Report) and Wipro (WIT - Analyst Report).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all five stocks:

Bull of the Day:

We are maintaining our Buy recommendation on El Paso Corp. (EP - Analyst Report) but are lowering our target price from $13.00 to $12.00 per share. The stock is up roughly 60% since March as worries of liquidity and execution risk on its backlog of pipeline projects has been alleviated due to the normalization of capital markets and indications of a stabilizing U.S. economy.

We continue to believe that the company's experienced management and various financing options will allow the company to weather the remainder of the tough operating environment.

Recently, management locked in a substantial portion of its natural gas production at levels above $6.00 per Mcf for 10/ 11. This gives the company more operating clarity and surety of cash flows in the event that commodity prices remain volatile for an extended period.

Bear of the Day:

Cadence Design Systems (CDNS - Analyst Report) reported weak results for 1Q 2009. We expect that a turnaround is going to take time due to mounting financial problems leading to a lackluster growth. The company provided guidance for a poor 2Q and 2009.

Although Cadence is offering new products and taking cost-cutting measures, we are not confident in the company's ability to grow and show healthy fundamentals. Cadence has been losing share to Synopsys and is struggling through a downturn in the semiconductor cycle. Cadence also withdrew its bid for Mentor Graphics in 2008, further dimming its growth prospects.

Cadence recently came out with enhanced versions of its products, but it will take time for these to generate additional revenue. We maintain a Sell rating on the shares and reiterate our six-month price target of $2.50.

Latest Posts on the Zacks Analyst Blog:

Indian Economy to Grow Fastest by 2010

India's retail sector (the fifth largest in the world) is expected to grow at a 10% rate. Consumer demand has remained strong and is growing as the young population is booming. The next phase of retail expansion is expected to come from the rural areas.

The financial sector is currently on the rebound with improvement in the macroeconomic environment. However, deterioration in the asset quality still remains an issue, particularly for banks like ICICI Bank (IBN - Analyst Report), which have had massive expansion in last few years.

The Indian IT sector has been hurt by the global slowdown as most of its revenues have come from clients in US and UK. Outsourcing competitiveness is also declining as other low cost centers are emerging in Eastern Europe and Asia. Top IT companies like Infosys (INFY - Analyst Report) and Wipro (WIT - Analyst Report), which saw 20-25% revenue growth in the past, now project near flat growth. These companies will benefit once the global economy recovers.

Get the full analysis of all these stocks by going to http://at.zacks.com/?id=5507.

About the Bull and Bear of the Day

Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.

About the Analyst Blog

Updated throughout every trading day, the Analyst Blog provides analysis from Zacks Equity Research about the latest news and events impacting stocks and the financial markets.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous analyst coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=5508.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5509.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Follow us on Twitter: http://twitter.com/ZacksInvestment

Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Contact:
Mark Vickery
Web Content Editor
312-265-9380
Visit: www.zacks.com