NTPA - Netopia, Inc. DSL hardware provider Message Board

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Technology Stocks : NTPA - Netopia, Inc. DSL hardware provider

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To: Mr. Miller who started this subject	3/23/2001 10:45:51 AM
From: SafetyAgentMan	Read Replies (1) of 360

<font color=red>New Kaufman Bros. Research NETOPIA, INC. (NTPA _ $3 19/32) Clifton Gray, 212.292.8141 Rating: UPGRADING TO BUY FROM ACCUMULATE cgray@kbro.com Price Target: Lowering to $10 from $14 David Miller, CFA, 212.292.8100 NORTHPOINT DEAL OPENS A BACKDOOR INTO AT&T This morning, Netopia and Proxim (PROX $10 3/8) have announced the two companies have terminated their merger agreement. We believe the deal was called off because shareholders of Netopia believe the company is worth more than its current valuation; we agree. Last night AT&T (T $21.83) announced it is buying the assets of NorthPoint Communications, a DSL service provider that has been in bankruptcy for several months. As NorthPoint has historically been a major customer and a close partner with Netopia, we believe Netopia will now have a great opportunity to sell into AT&T. Shares of Netopia traded below cash this week and are still barely bobbing above cash levels. We are upgrading shares of Netopia to a BUY from ACCUMULATE and establishing a new price target of $10, down from $14.

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