NEWS: target price:
Tuesday November 23 1999
Company Press Release
Bear Stearns Announces Investment Opinion on Pivotal
Corporation
Bear Stearns Reiterates Buy Rating On Pivotal (PVTL)
NEW YORK--(BUSINESS WIRE)--Nov. 23, 1999-- Calling it a ``pivotal' selection in the enterprise relationship management (ERM) universe,
Bear Stearns' software analyst Rich Scocozza reiterated a Buy rating on Pivotal Corporation (Nasdaq:PVTL - news). Scocozza believes ERM
applications are rapidly gaining acceptance as organizations seek to maximize the efficiency and effectiveness of their front-office and
capitalize on Internet technologies in an attempt to get closer to their customers and business partners. Pivotal is well positioned to leverage
the Internet and Windows NT growth over the long term, according to Scocozza. Given Pivotal's solid growth prospects, he believes the stock
should trade at a sustained market-cap-to-12-month forward revenue ratio of about 15x-20x over the next 12 months. He rates the shares a Buy,
with a $58 price target. The price target is based on a multiple of 14 times his $84.5 million calendar 2001 revenue estimate. More information on
Pivotal and its investment potential is available in a 39-page report recently released by Scocozza.
Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major
subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC - news). With approximately $21.4 billion in total capital, Bear Stearns serves
governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and
acquisitions, institutional equities and fixed income sales and trading, private client services, derivatives, foreign exchange and futures sales
and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers professional and correspondent
clearing, including securities lending. Headquartered in New York City, the company has over 10,000 employees located in domestic offices in
Atlanta, Boston, Chicago, Dallas, Los Angeles, Puerto Rico and San Francisco; and an international presence in Beijing, Buenos Aires, Dublin,
Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our
website at bearstearns.com.
Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has
been obtained from sources believed to be reliable, its accuracy and completeness cannot be guaranteed. Bear Stearns may make markets and
effect transactions, including transactions contrary to any recommendations herein, or have positions in the securities mentioned herein (or
options with respect thereto) and may also have performed investment banking services for the issuers of such securities. In addition,
employees of Bear Stearns may have positions and effect transactions in the securities or options of the issuers mentioned herein and may
serve as directors of such issuers. Copyright (c) 1999. All rights reserved by Bear, Stearns & Co. Inc. |
