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Technology Stocks : ADC Telecommunications

ADCT 3.510

-0.6%

Dec 26 9:30 AM EST

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To: Tom Hughes who wrote (1110)	10/6/2000 2:15:19 PM
From: Tom Hughes	Read Replies (1) of 1944

The full Hambrecht report (positive on ADCT) wrhambrecht.com Note the encouraging statement about Carrier Access: We also feel the issues surrounding Carrier Access are of little cause for concern. Broadband digital equipment vendor, Carrier Access, reported this week that third quarter earnings would fall short of analysts’expectations, prompting concerns for ADC, which has an OEM relationship with Carrier Access. We believe however that these concerns are overdone, given that total sales to Carrier Access contributed less than of 1% of ADC’s revenues last quarter. Additionally, we should note that less than 10% of ADC’s revenues last quarter came from CLEC customers, which should alleviate any concerns with regards to CLEC capital spending and business sustainability. With shares trading at 40 times our fiscal 2001 EPS estimate, we continue to believe ADC shares represent attractively valued exposure to the broadband access and fiber optic component and connectivity markets.

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