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Technology Stocks : All About Sun Microsystems

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To: Sonki who wrote (21329)	10/15/1999 11:43:00 AM
From: Tecinvestor	Read Replies (2) of 64865

Banc of America raises SUNW target to $120 NEW YORK, Oct 15 (Reuters) - Banc of America Securities LLC said Friday it raised its rating for Sun Microsystems Inc. <SUNW.O> to buy from market perform a day after the maker of computer workstations, servers, and software reported higher than expected earnings. It said in a research note that analyst Kurt King also raised his earnings estimate for the second quarter to $0.39 per share from $0.30. Kurt brought his estimate for fiscal 2000 to $1.75 from $1.57, and that for fiscal 2001 to $2.20 from $2.10, it said. "We're as bullish as ever about the long-term story," read the note. "Sun clearly has the momentum in e-commerce and the execution ability to deliver consistent results even in the face of challenges (e.g., Y2K) that could lead to disappointments for its competitors." On Thursday, Sun posted a profit of $274.8 million or $0.33 per share for the first quarter, up 39 percent from the same period last year and $0.02 more than the $0.31 expected by analysts. Revenues totaled $3.12 billion against $2.49 billion. Sun's stock was up 3-3/32 at 92-1/2 in morning trade. Analyst King set his target share price at $120.

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