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Technology Stocks : COM21 (CMTO)
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To: zbyslaw owczarczyk who wrote (2005)3/29/2000 6:32:00 PM
From: zbyslaw owczarczyk   of 2347
 
Merrill research on TERN 3/28/00
by: smayerbci
3/29/00 5:42 pm
Msg: 6612 of 6618
We View Recent Stock Weakness As A Great Buying Opportunity

? We reiterate our Strong Buy rating. TERN is trading at 1/2 the multiple of other broadband access companies.
? We would attribute the volatility and recent weakness partially to an article in Fortune magazine that discusses TERN?s potential inclusion
in future cable modem specifications.
? We are attending the Cablelabs meeting today. Cablelabs is still stating that the current proposal for advanced physical layer products is
based on a TDMA approach.
? The standards? push is mostly in the US. We believe International markets are anywhere from 6mos-2 years away from reaching the level
the US is at today and, as a result, we believe these markets represent a much larger opportunity.
? This morning TERN announced a contract in Shenzhen, one of the most advanced cities in mainland China. While we are maintaining our
forecasts, we believe this is a very strategic win for TERN and think it underscores the opportunities that lie outside the US.
? Longer term for TERN, we expect that its chipset technology and diversification away from cable will be a key asset. On this end, the
company announced the acquisition of a company based in Israel that has key chip set technology on DSL and broadband wireless markets.
? We think inclusion in the future DOCSIS specifications for TERN may be overstated.
? We are positive on the near term opportunities in the cable modem market, especially Internationally. Longer term the company?s progress
in its chipset business as well as in DSL and broadband wireless should be positive.
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