Strong Buy Recommendation :
Circle Systems, Inc. (OTC BB: CSYS)
Circle Systems, Inc. (based in Ft.Lauderdale, FL) through its wholly
owned subsidiaries, Circle Laboratories, Inc., and Winner's Circle
Incentive Program, Inc., manufactures and markets facial cleansing
products and operates a school-based promotion. The mission of
Circle Laboratories is to provide active people, particularly acne
prone teens and young adults with a line of facial care products
that are portable, disposable and convenient for use throughout the
day. At the current price of $1.75, we believe that CSYS represents
an excellent value. Based on reasonable P/E projections of 18 to 22x
estimated net earnings, we feel shares could trade at $15.00 to
$20.00 within two years. Our near term target is $5.00 to $7.00 by
the end of 1999.
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