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Technology Stocks : America On-Line: will it survive ...?
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To: steve lipson who wrote (5016)10/10/1997 11:30:00 AM
From: Todd Daniels   of 13594
 
>>existing investment banking relationships are
>>changed fairly rarely.

With huge caps. But not such as Internet stocks.
AOL for example, had Morgan Stanley as lead of its secondary.
RS and Ax.B were leads of IPO.

Ditto Netscape-MS, where DMG was original lead.

Lately MS hyped amazon big time. Wanna bet it gets the secondary,
and not DMG which was the original?

AOL has done masterful job of having underwriters conjure images
of secondary carrot.

** And everything you insist is NOT going on re. analysts/underwriters
and AOL is EXACTLY what went on with Boston Chicken.

There indeed are analysts who are less than enthusiastic about
AOL (e.g. Oppenhemer, Montgomery and a few others). But the
hypsters court the media and get the visibility.

That they don't downgrade on basis of AOL hitting or excceding
12 month targets set only a month or two ago tells you something.
What tells even more are those who respond by raising price targets
without raising earnings estimates.
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