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Technology Stocks : Network Appliance

NTAP 98.19

-7.3%

3:59 PM EST

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To: Miguel Octavio who started this subject	2/22/2001 9:24:47 AM
From: spiral3	of 10934

Banc of America dropped its rating on multiple networking firms, citing "reduced visibility." The firm dropped Network Appliance (NTAP), Extreme Networks (EXTR), Qlogic Corp (QLGC), and Foundry Networks (FDRY) to "Market Performer" ratings from "Buy" and trimmed EPS estimates on the companies. Banc of America also cut storage firm EMC Corp (EMC) to a "Market Performer" from a "Strong Buy" rating, based on the lowered visibility. Morgan Stanley\DW also downgraded several data networking/Internet infrastructure firms. MS\DW dropped Extreme Networks (EXTR) to an "Outperform" from a "Strong Buy" based on negative data points in the enterprise market. The analysts also lowered EPS and revenue estimates and cut their price target to $35 from $60. The firm cut Brocade Communications (BRCD) to an "Outperform" from a "Strong Buy" and slashed its price target to $45 from $65. MS\DW cut EMC Corp (EMC) to a "Neutral" from an "Outperform," but noted that this move is temporary, as the analysts would be buyers with more visibility, a change in market sentiment, or a stock price in the mid-high $20s. received this note by email...sorry no link

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