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Non-Tech : RAINFOREST CAFE
RAIN 2.930-3.9%Jan 23 9:30 AM EST
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To: Dennis Vail who wrote (62)6/12/1996 11:10:00 AM
From: Brent A. Thale   of 4704
 
Dennis raised an interesting point about which brokerage houses cover RAIN. They seem to be in something of a transition period from being a small, regional company to being a big, nationally known name. RAIN was originally followed by some regional brokers who either have moved on to other things, or do not make an effort to nationally publicize their earnings estimates. Anyway, I found four brokerage houses who have announced changes in their RAIN coverage in the last three months:

Montgomery Securities: This seems to be the biggest "name" brokerage to follow RAIN. They're looking for 8 cents a share for the June quarter.

Ladenburg Thalmann: Certainly the most vocal of the houses that cover RAIN. Estimate: 7 cents for this quarter.

Dain Bosworth: No current quarter estimate, just a 1997 annual estimate of $1.26.

Wessels Arnold: Recently initiated coverage of RAIN. Calling for 7 cents for June.

I've read through Ladenburg Thalmann's research report, and it seems very well reasoned and mostly positive. They wince at RAIN's valuation, but the stock has moved far past their target price, which I guess is what prompted their downgrade a couple weeks ago. They say they expect $1.25 per share in 97, and $1.80 in 98, which seems quite conservative to me.

--BAT
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