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Technology Stocks : Nortel Networks (NT)
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To: Dave Gore who wrote (7686)10/26/2000 10:45:40 AM
From: Bob Kim  Read Replies (2) of 14638
 
Dave, Re: It is the analysts and the market who decide what proper valuation is, not the management.

A lot of analysts just follow the market. ML's analyst set a $32.50 12 month price target a year ago at this time. Unfortunately, until the day before yesterday, his price target was $110, and yesterday he lowered it to $80. His 2000E EPS went from $0.62 to $0.72 to $0.74 at each price target level. So, at peak he was willing to award a 238% higher price target with only a corresponding 16% increase in his estimate.
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