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Technology Stocks : American Power Conversion

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To: Ron Wang who wrote (1231)	4/24/1997 4:54:00 PM
From: T.K. Horeis	of 2574

Ron, What were you expecting? They reported earnings in line with First Call expectations. With today's results, their earnings over the last 12 months are $1.04 which puts the current PE at just under 18. The company has indicated they see growth proceeding at a rate of 20-25% this year which would make them fairly valued at prices between 20 3/4 and 26. They haven't been overly optimistic about their growth rate in the past and there is nothing in the current environment that suggests they are being too optimistic now. In fact, my read is that their growth rate will be at least 20-25% with the possibility that it will go even higher. >>No wonder people were selling. I can't disagree more.

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