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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..]
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To: GVTucker who wrote (610)8/18/1999 9:36:00 AM
From: SteveG  Read Replies (2) of 1860
 
BofA: WINSTAR COMMUNICATIONS, INC. (WCII $45.63): WinStar Receives
Valuable Licenses from the FCC.

By Michael J. Renegar,
Brian Tanner,

* WinStar announced today that is has been granted 18 licenses in the 38
GHz spectrum by the FCC. The company received one license for a 100 MHz
channel in 18 markets. Some of the licenses are in top 60 markets like New
York, Minneapolis, Kansas City, San Diego, San Jose and Norfolk.
* The licenses cost WinStar zero, nothing! This was unlicensed spectrum
that WinStar had requested back in 1995 before the auction process was
instituted. The licenses have been held in abeyance and not processed by
the FCC pending the outcome of certain petitions that were filed against the
granting of these licenses to WinStar.
* With the recent NextLink (NXLK, $103 3/16) purchase of spectrum from
SPEEDUS.com (SPDE, $5 9/32) we believe the licenses WinStar was granted
could be valued at approximately $200 million.
* We believe this shows the tremendous value that the market is putting on
fixed wireless. With WinStar 27% below its most recent high we would be
aggressive buyers here. We reiterate our Buy recommendation and $67 price
target.
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