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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (95532)2/28/2002 7:47:08 AM
From: PCSS  Read Replies (2) of 97611
 
G-S's morning Alert:

Hewlett-Packard Co. [HWP] $20.03

HP Has Both Cost and Revenue Driven Upside Opportunities Post Merger

EPS (FY Oct): 2002E US$1.10, 2003E US$1.40 - Not Rated

HP's analyst meeting provided sufficient detail behind its assertion that FY'03 earnings could see upside of around 12% versus Street consensus estimates of $1.35. While HP's assumptions are based on cost savings of $2-1/2B, we think there is also a plausible scenario, whereby cost savings could be greater, and revenues could be higher, driven by synergies. HP is currently trading at 17X 2002 EPS and 13X where FY 2003 EPS could be post-merger, a valuation which we view as attractive.
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