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Technology Stocks : Thrustmaster (NASDAQ:TMSR)
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To: esecurities(tm) who wrote (180)4/11/1997 5:05:00 PM
From: esecurities(tm)   of 2443
 
Cruttenden Roth's February Downgrade from BUY to NEUTRAL.

C-R's analyst advised their clients "...to take profits in light of its recent strength...".

We do not agree. In fact, we bought. Our take is that TMSR was getting beat up pretty bad in late fiscal '95 through Q3 '96 with dire predictions due to Microsoft's entry into gaming peripherals. In addition to this TMSR basically blew it with their high-end golf peripheral (Pro-Play Golf) and their low-end XL Action Controller. These were predictable disasters, or , at least, a very unwise deployment of capital and R&D.

Nevertheless, TMSR blows the doors off of all of the analysts following TMSR. TMSR pretty much dispelled the Microsoft myth including their own analysts' estimates and perhaps their understanding of TMSR and or their market.

There are conflicting signals in C-R's latest brief in which they believe TMSR could have difficulty achieving similar growth in 1997 yet elsewhere in their report they allude to TMSR's Millennium Inceptor as one of TMSR's hottest new products for 1997 and the MotorSport GT with force feedback to be expected to be the hot new items... We interpret this as either C-R does not understand this industry or they have no faith in TMSR management.

Neither scenario is encouraging nor instills confidence especially when TMSR was most likely hoping their stock would become more fully valued pursuant to their superior Q4 '96 performance so they could pursue a timely and fully-valued secondary offering. This was not to be from their own lead IPO underwriter.

We just hope TMSR continues to provide superior evidence they know how to run a company better than their analysts know how to review them and their underwriters know how to support them, in our opinion.
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