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To: Bob who wrote (15301)	11/19/1999 10:16:00 AM
From: Joe Smith	Read Replies (1) of 57584

HMQT: Wind Reports Strong Q3. Raising Revenue Estimates, Price Target to $60. (First Call 11/19 07:44:20) 07:42am EST 19-Nov-99 Hambrecht & Quist (Matt Belkin) WIND INTC LU LBRT INTC.GW ** Hambrecht & Quist Hambrecht & Quist Hambrecht & Quist ** Company: Wind River Systems Price: 35 Recommendation: Buy Notes: a, b,f Analyst: Matt Belkin 415-439-3585 Date: 11/18/99 Wind Reports Strong Q3. Raising Revenue Estimates, Price Target to $60. * Wind reported a strong Q3. Revenues of $44.6 mil easily beat our $41.9 mil estimate. * Earnings were in line with our 17" expectation as Wind continues to invest in the post-PC opportunity. * Wind continues to gain momentum in the embedded market, as evidenced by several strategic agreements announced during the quarter including Intel and Lucent, as well as Liberate's announcement that Cable and Wireless will begin to deploy its set-top box technology. * We continue to believe Wind represents an excellent play on the whole Internet appliance and Internet infrastructure opportunity and expect more agreements of a similar nature in the near future. * As a true provider of Internet-enablement technology, we believe Wind is capable of achieving a valuation similar to that of its target markets and are raising our price target to $60, or 13x times our new sales estimate of $205 million, up from $190. * A conference call is scheduled for tomorrow morning at 8am PST, after which we will issue a full report. 1999 A 2000 E 2001 E Q1 EPS $0.10 $0.10a $ Q2 EPS 0.13 0.14a Q3 EPS 0.16 0.17a Q4 EPS 0.19 0.20 FY EPS 0.58 0.61 0.75 FY REVS (M) 131.9 166.7 205.0 CY EPS 0.61 0.75 -- CY P/E 57 46 -- FY Ends Jan Current Price $35 52-Week Range $11-35 Market Cap (M) $1539.6 Shares Out (M) 43.99 Book Value $3.99 Net Cash/Share $1.68 3-Year EPS Growth 35%

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