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Non-Tech : Golden State (GSB) formerly Glendale Savings
GSB 9.4800.0%Aug 28 5:00 PM EST

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To: Paul Lee who wrote ()7/10/1999 8:08:00 AM
From: Paul Lee   of 75
 
Golden State Bancorp (GSB-NYSE)
by Pacific Crest (23 5/8, June 14)
The most attractive acquisition candidate remaining in California and deserves
a premium price, given the breadth of the franchise. However, we believe the
fundamental story is also compelling and should provide above-average EPS
growth and returns over the next several years. The combination of strong and
improving performance metrics and the value of the franchise to a potential
acquirer should result in at least 27% upside in the shares over the next 12
months. We are initiating coverage with a Buy rating.
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