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Technology Stocks : All About Sun Microsystems
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To: Bob Kim who wrote (34413)8/16/2000 7:58:05 AM
From: Lynn  Read Replies (4) of 64865
 
Dear Bob: ML's new research report has a 12 month price objective of 140. You are only $1. off--not bad!

"Sun Microsystems"
Reason for Report: Mid-Quarter Update

Steven Milunovich, CFA, First Vice President, and Alex Sheynkman, Vice President

Price: $114 1/16
12 Month Price Objective: $140
Estimates (Jun) 2000A 2001E 2002E
EPS: $1.02 $1.30 $1.57
P/E: 111.8x 87.7x 72.7x
EPS Change (YoY): 27.5% 20.8%

Investment Highlights:

 We are increasing our price objective to $140
per share for a PEG ratio about 3X on near-term
growth. The stock should outperform
with growth accelerating.
 We think the Internet infrastructure build out
could be greater and last longer (5-10 years?)
than generally expected.

Fundamental Highlights:

 Sun said F1Q demand very good and ahead of
the company’s expectations. There may be
upside to our revenue growth of 40% and
$0.24 earnings estimates per share.
 Sun is enjoying robust demand across all
product lines and geographies with a
particular strength in workgroup, midrange,
Netra and E10000 servers.
 The company acknowledged some shortages of
HDDs, specific ASICs, and memory but
expects to secure enough components to satisfy
demand. It sounds like the backlog will
decline little if at all.
 Sun expects to announce UltraSPARC III
powered workstations this quarter.

Lynn
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