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Technology Stocks : NUANCE COMMUNICATIONS (NUAN) -- Voice Interface Software
NUAN 54.840.0%Aug 11 5:00 PM EST
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To: Walter Morton who started this subject1/9/2001 10:36:28 AM
From: bob zagorin   of 191
 
SAN FRANCISCO, Jan. 9 /PRNewswire/ -- The following is being issued by Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:

Initiation of Coverage:

Nuance Communications, Inc.

(Nasdaq: NUAN) ($29.50)

Buy

Marianne Wolk, Wireless Data/eCommunications

The market for voice solutions including infrastructure, applications and

services is estimated near $1B today and forecasted to reach $5-10B

worldwide by 2005," said Wolk. "We expect Nuance to lead this market,

along with a handful of competitors such as SpeechWorks and Philips. We

are initiating coverage of Nuance with a Buy rating. We forecast Nuance

will achieve average annual growth of at least 50% over the next three

years. We expect decreasing losses in 2001 to result in a ($0.23) EPS

versus our ($0.65) EPS estimate in 2000. Breakeven should occur in the

first quarter of 2002, which should lead to full year 2002 EPS of $0.16.

At $29.50, the stock is trading at about 56x our C03 EPS forecast of

0.53, 11x our 2001 and 8x our 2002 revenue projections. Our

recommendation is only oriented toward longer-term investors interested in

a pure play on the spectacular long-term opportunity presented by the

voice market. We believe Nuance is well-positioned to join a handful of

competitors to dominate this market, capturing 70-85% share."
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