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Technology Stocks : MAPINFO: Any Thoughts
MAPS 0.825-1.1%3:59 PM EST
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To: Elvis Jones who wrote (198)12/28/1999 12:36:00 AM
From: Alan A. Hicks  Read Replies (1) of 225
 
Brean Murray raised their 12 month price target for MAPS to $49 in a report dated December 9, 1999. On November 18, 1999 they had initiated coverage with a 12-month target of $35. In the update, the analyst, Ashish Tadhani, feels MAPS is on track to beat his earnings estimate for the quarter of $0.13 and could be close to signing a very large contract, possibly the largest in the company?s history. In the November 18 report Tadhani, noted that MAPS and Oracle were jointly pursing more than 50 contracts with an average size between $0.5 and $1.0 million in revenues to MAPS.

Both reports were very informative. Brean Murray is in New York City and their web site is BMUR.com .

My own target continues to be 5 times revenues or about $100 per share in 21 months (MAPS fiscal 2001). Compared to AOL's buyout of Mapquest (MQST) for $1.1 billion this is pretty conservative. AOL is paying 31 times revenues which would translate into a $400 per share price for MAPS based on current revenues.

Even at $38 MAPS is still only at a capitalization less cash of about 3x revenues versus Oracle at 14 times revenues while MAPS earnings and revenues are growing twice as fast as Oracle. It looks like MAPS is just being discovered as a growth story and could be turning into a momentum stock.

We may be in for a series of 3/2 splits over the next 2 years the way the stock is moving. I think that is a smart way to do it because I think it brings more attention to how well the company is really doing.
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