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Technology Stocks : 3Com Corporation (COMS)

COMS 0.00130

-18.8%

Nov 7 11:47 AM EST

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To: Amir Desai who wrote ()	1/31/2000 9:59:00 AM
From: Mehrdad Arya	Read Replies (1) of 45548

RESEARCH ALERT - SG Cowen ups 3Com NEW YORK, Jan 31 (Reuters) - SG Cowen raised its investment rating on 3Com Corp. (NasdaqNM:COMS - news) to buy from neutral with a 12-month target to $60 a share. -- Last Friday, Palm Inc., a wholly-owned unit of 3Com, said it would sell 23 million shares in a projected range of $14-$16 a share in its initial public offering. -- The company said it will net $320.7 million from the offering and will net another $225 million from private placements by America Online Inc. (NYSE:AOL - news), Moterola Inc. (NYSE:MOT - news) and Nokia Corp. (NYSE:NOK - news) -- Analyst Chris Stix based upgrade on likely Palm post-pricing valuation of $36 to $42 a share. -- Stix said 3Com may face continuing challenges in matching the industry leaders' growth rates due to a significant share of its revenues generated by declining hubs, modems and NICs. -- Noted it will achieve positive, low single digit top-line growth rate in fiscal 2001 excluding Palm on an annualized basis. Such growth will be driven by some of its emerging products (personal Internet devices, high-speed Internet access, voice-over-Internet protocol, wireless switching and home networking). Shares closed at 46-9/16 on Nasdaq.

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