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Technology Stocks : SDLI - JDSU transition
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To: pat mudge who started this subject9/6/2001 5:03:41 AM
From: marginnayan   of 3294
 
Telecom Equipment - Wireline: Valuation Matters Alkesh Shah of MSDW dated Sept 5, 2001

Telecom equipment stocks are below fair value, but above historical troughs. DCF analysis indicates 13 of 18 names under our coverage are trading below fair value, but deteriorating industry fundamentals may push stocks down further.
Avoid the valuation trap - where are the fundamentals? Valuation methodology is one component of rating and price target decisions. Mgmt, product portfolio, cyclicality, macro economics, legal matters, and customer concentration/quality are among many factors considered in recommendations.
Valuation - inside the black box. Over the past 6 months we have created an analytical framework that we believe should help investors understand and predict short-term moves while identifying long-term fair value.
Downturn triple threat…Slowing Internet usage growth, service provider ROI, and carrier consolidation and bankruptcies have led to the sharp decline in telecom equipment spending.
But long-long-term fundamentals are still intact. Transition from voice networks to data networks should spark the start of an industry recovery, eventually.

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Looks like he is making an attempt to cover the sector both ways.
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