Tucker Anthony Cleary Gull Announces Investment Opinion on
BroadBand Wireless Companies
Tucker Anthony Cleary Gull Initiates Coverage of BroadBand
Wireless Companies
NEW YORK--(BUSINESS WIRE)--Dec. 23, 1999-- Digital
Microwave, Harris Corp., Adaptive Broadband, Anaren Microwave
and Andrew Corp., to be Followed by Senior Analyst
Tucker Anthony Cleary Gull today announced that it is
initiating coverage of the broadband wireless industry and is
placing five broadband wireless companies under coverage.
Senior analyst James McIlree, of Tucker Anthony Cleary Gull's
New York office, will lead the firm's equity research
coverage of the industry.
"The demand for broadband services is one of the highest
growth areas in telecommunications, and wireless is playing a
key role in meeting that demand," said Mr. McIlree. "These
companies are providing equipment that satisfies the demand
for broadband services."
Mr. McIlree is initiating coverage of five companies:
Digital Microwave Corp. (Nasdaq: DMIC), based in San Jose,
Calif., designs, develops and manufactures a full range of
microwave radios used in cellular systems and fixed wireless
access networks. The company has recently introduced new
products and completed mergers with MAS Technology and
Innova. DMIC shares currently trade at $19.50. Mr. McIlree
has set a 12-month price target of $26 and rates the
company's stock No. 1-Strong Buy.
Harris Corp. (Nasdaq: HRS), of Melbourne, Fla., has remade
itself from a conglomerate into a focused communications
equipment manufacturer. According to McIlree, the company is
expected to buy back its shares with a significant cash
reserve. This together with a cost-cutting program and a
bounce in its markets is expected to drive earnings per share
significantly higher. Mr. McIlree has set a 12-month price
target of $35 and rates the HRS shares, currently trading at
$22, No. 1-Strong Buy.
Adaptive Broadband Corp. (Nasdaq: ADAP), based in Sunnyvale,
Calif., designs, develops and manufactures equipment used to
provide broadband access via satellite or terrestrial
microwave links. Adaptive is the market share leader in
satellite modems for the satellite industry and studio-
transmitter-links for the broadcast industry. Currently
trading at roughly $74, Mr. McIlree has set a 12-month price
target of $88-92 for ADAP shares and rates the company's
stock No. 2-Accumulate;
Anaren Microwave, Inc. (Nasdaq: ANEN), of East Syracuse,
N.Y., designs develops and manufactures components and sub-
systems used in power amplifiers, wireless base stations and
satellites. In recent years, the company has diversified away
from its traditional defense orientation and now generates
well over half of its sales from the commercial market. Mr.
McIlree expects Anaren to continue to use its proprietary
technology to develop new products and increase its share of
the total wireless market. ANEN shares are trading at all-
time valuation highs. Mr. McIlree rates ANEN No. 3-Hold, and
advises remaining on the sidelines until a more opportune
moment arrives for investors.
Andrew Corp. (Nasdaq: ANDW), is an Orland Park, Ill.,
manufacturer of coaxial cable and antenna products used in
the wireless telephony, paging and broadcast markets. The
industry standard Heliax cable accounts for more than half of
the company's sales. Andrew's recent results have suffered
from lack of growth and price competition. Until the company
shows stronger results and the market for coax cable picks
up, Mr. McIlree advises staying on the sidelines with regard
to ANDW, which he rates No. 3-Hold.
About Tucker Anthony Cleary Gull
Tucker Anthony Cleary Gull is a national investment banking
firm focused on entrepreneurs and the institutional investors
who follow growth companies. The firm has executed some $8.7
billion in technology-related deals since 1995 and provides
research coverage of more than 50 publicly-traded technology
companies. Its senior technology research analysts follow
trends and companies in several sectors, including wireless,
infrastructure, Internet enablers, data security and
management, services and Internet/B2B.
The firm operates full-service offices in Boston, Denver,
Milwaukee and New York and is part of the Freedom Securities
(NYSE: FSI) family of financial services firms. Freedom
Securities is approximately 50% owned by its employees and
Boston-based Thomas Lee & Company.
Contact:
Christopher Williams or Robert Valdmanis
Coltrin & Associates
Tel.: 212/221-1616
E-mail: chris_williams@coltrin.com
robert_valdmanis@coltrin.com |
