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Technology Stocks : Korea Thrunet Co Ltd - (KOREA)

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To: $Mogul who wrote (190)	12/17/1999 9:12:00 AM
From: Mohan Marette	Read Replies (3) of 406

Well here we go guys-Lehman increases short term target from $100 to $130.00 Lehman lifts Thrunet target again Sees shares hitting $130 after "strong" Q3 results By Bill Clifford, CBS MarketWatch Last Update: 8:43 AM ET Dec 17, 1999 Net Stocks SEOUL (CBS.MW) -- Just one day after Lehman Brothers started coverage of Internet firm Korea Thrunet Co. -- with an aggressive buy rating that helped give the shares a 30-percent pop Thursday -- the U.S. investment bank is at it again. On Friday Lehman Brothers raised its near-term target price for Thrunet (KOREA: news, msgs) to $130 a share from $100. The stock had jumped 16 5/8 to close at 72 on Nasdaq, and from there extended its rally in after-hours trading, up 4 percent to 75. Both Lehman's call and Thrunet's spike preceded the company's third-quarter report of business results, which Lehman said were way ahead of expectations. The South Korean provider of broadband service posted revenues of $16.7 million (20.33 million won) in the three months through September, up 31 percent from the second quarter and a whopping 755 percent from a year earlier. Thrunet's net loss widened to $16.2 million, seven times its loss in the third quarter of 1998. See full story. "Thrunet has blown away our forecasts across all key business metrics for the third quarter and the last nine months," Ravi Sarathy, head of Lehman's Asia Internet research team, told CBS.MarketWatch.com. For starters, Sarathy underestimated Thrunet's revenue by 16 percent with his forecast of 17.5 billion won for the July-September quarter. cbs.marketwatch.com

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