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Technology Stocks : NBCi
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To: Glenn Norman who wrote (79)12/1/1999 3:55:00 PM
From: George Thompson   of 231
 
All, From SSB research this date:
12/01/99 General Electric (GE $130.12,1-L,Tgt $150.00) Jeffrey Sprague
--SUMMARY:--General Electric--Electrical Equipment
* GE's e-commerce opps. were highlighted by the creation of NBCi which
merges some of NBC's major internet holdings with Snap.com and Xoom.com.
* GE will own 47% of the combined co. and its purchase of $340mm in conv.
securities will give it an option to eventually take majority stake of 52%.
* The implied mkt. value of GE's position is roughly $2 bil although it is
contributing assets that we est. had an original acq. cost of about $125mm.
* On 12/13 CEO Welch is holding his annual dinner with analysts. We
believe e-commerce opportunities will be a focal point of his remarks and
should be a catalyst to move the stock higher.
* We are raising our price target to $150 from $135 to reflect GE's solid
operating fundamentals and the increasingly high profile and tangibility of
its e-commerce initiatives. We reiterate our 1M rating.

GEorge
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