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Technology Stocks : Applied Micro Circuits Corp (AMCC)
AMCC 8.4500.0%Feb 3 4:00 PM EST
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To: Bulldozer who wrote (196)10/12/1999 12:16:00 PM
From: Bob Kim  Read Replies (1) of 1805
 
Bulldozer,

Did you notice that ML raised its estimates about 20%, but LOWERED its price target from $86 (last Friday) to $83 to keep the implied upside potential below 20% and thus avoid having to upgrade the near-term rating to Buy. The irony is that because of the target reduction, AMCC will move into downgrade territory above $75 1/2, at which point, I would guess that ML will raise the price target to some level, perhaps $86, that's at least 10% higher.
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