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(COM) 30/06/00 08:36: Lehman Bros says 3G wireless subscriber worries are "misplaced"
Lehman Bros says 3G wireless subscriber worries are "misplaced"
LONDON (AFX) - Lehman Brothers said that worries, voiced among others by LM
Ericsson AB's chairman yesterday, that the high price of third generation mobile
licences could throttle subscriber growth on the new services were "misplaced".
In a morning note, Lehmans said that the concerns which led to yesterday's
heavy selling of telecoms stocks, including Vodafone AirTouch PLC's 7.7 pct, 22
point slide to 264, were overplayed.
Other stocks which had suffered included Finland's Sonera Oyj, down 11.4
pct, Ericsson itself, down 7.8 pct, and Nokia Oyj, down 10.7 pct.
At 8.25 am today, Vodafone shares were up 6-3/4 at 270-3/4. Other European
stocks had yet to start trading.
Lehmans' note said it believed "the recent extreme weakness" of the telecoms
sector was a clear buying opportunity.
At these prices, it said, Vodafone and Sonera were clear buys.
Deutsche Bank also reiterated a "strong buy" on Vodafone this morning.
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