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Technology Stocks : MAGIC SOFTWARE-MGIC

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To: Richard Tsang who wrote (167)	3/1/2000 12:11:00 PM
From: Dorine Essey	of 219

RESEARCH ALERT-Salomon starts Magic at 1-H March 1, 2000 10:14 AM JERUSALEM, March 1 (Reuters) - Salomon Smith Barney initiated coverage on Magic Software Enterprises MGIC with a 1-H rating and a $40 price target, according to a report released on Wednesday. Magic "is expected to continue to maintain close to 50 percent revenue growth for the next three years, driven by sales of CRM (Customer Relationship Management) and e-business applications," analysts Victor Halpert and Neil Herman wrote in the research note. "In the last 18 months, Magic dramatically improved its operational results, growing its revenues by 65 percent in 1999," Salomon said. Salomon estimated Magic's earnings per share will grow to 60 cents in 2000 and 79 cents in 2001, compared with 43 cents in 1999. Salomon noted the company in the first quarter of 2000 was one of the first to introduce software development tools for the Linux platform. Magic also recently completed a successful secondary offering on Nasdaq. ((Jerusalem newsroom, +972-2-537-0502, jerusalem.newsroom@reuters.com)) REUTERS

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