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Biotech / Medical : Biotech Valuation
CRSP 57.14+1.5%9:39 AM EST
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To: scaram(o)uche who wrote (936)4/19/2000 5:14:00 PM
From: Thomas M.  Read Replies (2) of 52153
 
re: analysts looking silly and your post on the GENE thread

On 2/15/00, Morgan Stanley Dean Witter began a Sepracor update with:

Biotechnology stocks are going up. Note that we say this in the context of a long-term outlook. While there may be short term fluctuations in valuations with the normal peaks and troughs associated with the volatility of the sector, we believe the underlying trend line will be positively sloped. Therefore, while we will continue to address near-term drivers of the stock price, our focus for valuation will be longer-term oriented. As a result we are shifting to three-year price targets for many of our coverage companies including Sepracor.

IMHO, this was a very thinly-veiled excuse for slapping much higher price targets on the stocks because they were blowing through rational targets like a hot knife through butter.

Tom
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