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Strategies & Market Trends : The New Economy and its Winners

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To: Glenn D. Rudolph who wrote (786)	6/11/2000 12:50:00 AM
From: Bill Harmond	Read Replies (4) of 57684

We are initiating coverage of Phone.com with a buy rating and a 12-month price target of $120. Phone.com is the world's leading developer of WAP (Wireless Access Protocol) software and applications for the wireless communications sector. Phone.com now sells its solution to sixty of the world's largest network operators who collectively hold a footprint covering almost half of the world's wireless voice subscribers (more than 200 million). By 2002, we believe the number of mobile Internet subscribers will be in excess of 220 million and that Phone.com will be the solution used by 24% of those end-users. In the emerging mobile Internet architecture, the mobile phone network operator has unusual control over the information their customer can access with their handset, as AOL did in its early years. We believe that the chief reason to own PHCM is the breadth of its operator relationships and the control those operators have over their customers. Our model calls for rapid revenue growth of 168% for Phone.com over the next 12 months as the mobile Internet takes off around the world. witcapital.com

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