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Technology Stocks : Broadcom (BRCM)

BRCM 54.67

0.0%

Feb 9 4:00 PM EST

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To: RetiredNow who wrote (251)	5/17/1998 8:29:00 PM
From: Michele	Read Replies (1) of 6531

I should also remind you that Morgan Stanley - the lead underwriter of the Broadcom IPO, -as well as of some fabulous others- initiated coverage on ATHM with a "neutral" at @$24 (IPO priced at $12) and on RMBS @ $30 (IPO they priced somewhere in the low $20's, if I recall) with a "neutral", also based on valuation. The investment banking biz is based on bringing a company public at "the right price". And if they were to initiate coverage, on a company's whose price had run up substantially since the IPO they underwrote, with any more than a neutral rating, then it would imply that they didn't do the right pricing in the first place. This is a complicated biz and there are many facets to look at. If you love the company -like a BRCM- and think it the best in its industry, just buy the stock and you'll make money. RMBS zoomed to 86 and ATHM now stands in the mid 40's. Morgan's target on ATHM is still at $30- it is now trading approximately 50% above that target price. Maybe H&Q, and Alex Brown with their "BUY" ratings are being far more impartial. And it makes me wonder......

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