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Technology Stocks : Lucent Technologies (LU)

LU 2.490

-1.2%

12:59 PM EST

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To: George the Greek who wrote (8572)	7/12/1999 7:11:00 PM
From: puborectalis	Read Replies (2) of 21876

Investors picked up Lucent shares Monday after Salomon Smith Barney analyst Alex Cena reiterated his Buy rating on the stock. The analyst said that Lucent has "tremendous" revenue-growth potential relative to its peers. The telecom equipment company should also continue to see margins improve as it shifts its focus toward more profitable software, optical and wireless products and realizes benefits from its ongoing restructuring. Recent contract awards prove that Lucent should be able to gain market share by serving both traditional telephone operators and next-generation carriers, the analyst added. "While Lucent is unlikely to duplicate Cisco Systems' 150% premium to the market, we believe Lucent's valuation could approach its old high of two times the market multiple," Cena said in a research note. That would put Lucent at 55 times Cena's earnings-per-share estimate of $1.75 for 2001. Accordingly, Cena raised his 12- to 18-month price target by 47% to $100 a share.

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