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Technology Stocks : Network Appliance

NTAP 111.90

+1.3%

Dec 19 9:30 AM EST

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To: Peter Sherman who wrote (2717)	3/17/2000 1:25:00 PM
From: Beltropolis Boy	Read Replies (2) of 10934

unfortunately, the comments were pretty much standard boilerplate (although i wasn't aware that NTAP was supplying PALM). here they are just the same. ----- Robertson Stephens Compiled by Robertson Stephens Sales Department TechInsight Friday, March 17, 2000 STRONG BUY Network Appliance (NTAP - $182.56 - Cap $32B) Dane E. Lewis, 415-248-4071 *Upgrading NTAP to Strong Buy from Buy; Recent Pullback Presents A Buying Opportunity; NAS Continuing to Gain Market Acceptance* * We are raising our rating on NTAP shares to Strong Buy from Buy. We believe NTAP shares were oversold during the recent market correction, down 26% from recent highs. We view the pullback as a buying opportunity and remain confident that revenue growth will exceed our 75% year-over-year growth forecast. * NTAP's caching systems remain well-positioned for growth. We believe investor concern regarding Inktomi's (INKT $201-1/16) recently announced telecommunications partnership is an overreaction. We remind investors that NTAP is a supplier of one of the world's largest wireless telecommunications providers -- Palm Inc.'s (PALM $55-9/16) Palm.net -- which we view as a strong endorsement of NTAP's caching systems. Additionally, we note that caching system accounts for 7% of NTAP's revenue. * We believe NTAP is again on track to beat our revenue (and the Street's) projections for FQ4:00. It is our opinion that recent comments attributed to NTAP management have been misinterpreted and should not be taken to mean that FQ4 revenue estimates are at risk. * We are raising our rating of NTAP to Strong Buy and maintaining our F2000 EPS estimate of $0.41 and our F2001 estimate of $0.61 per share. We are raising our rating based on oversold NTAP shares in light of: (1) the strength of the NAS market and NTAP's industry leading market position (46% in 1999), (2) NTAP's strength in the eCommerce and Internet infrastructure build-out (now 40% of revenue), and (3) NTAP's growing presence in Fortune 1000 database and eCommerce deployments.

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