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Technology Stocks : All About Sun Microsystems
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To: JDN who wrote (30752)4/14/2000 9:34:00 AM
From: Lynn  Read Replies (1) of 64865
 
Dear JDN: Well, maybe you will like Steve Milunovich's (ML) special report on SUNW better:

Sun Micro (1-1) Blow-Out Quarter

SUNW: B-1-1-9; $80; [qp]

 Sun handily exceeded expectations in reporting EPS of $0.26 versus our $0.22 estimate
on 35% revenue growth for the quarter. Orders were up a stunning 40% with the
backlog rising 8% sequentially.
 Management suggested 25% revenue and slightly slower earnings growth for F2001.
We view this as conservative guidance rather than a deceleration in the business. As
long as demand remains strong and the mix shift to higher-end product offsets pricing
pressure, we will be bullish. Sun is still gaining share from HP and IBM.
 We learned that sales to dot-coms and service providers combined is just 10% of
revenue, suggesting Sun has less exposure to an Internet slowdown than previously
thought.
 The stock is nearing its long-term support and we hope it will stabilize soon. Our $100
price objective is 90X on our C2000 and 70X on our C2001 estimates.

Steve Milunovich

I expect Steve to generate a longer report on SUNW later, possibly today. The "Intra-day Special Call Bulletin" quoted above appears to have been written for people in Europe: "14 April 2000 European Research."

Regards,

Lynn
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