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Strategies & Market Trends : The New Economy and its Winners

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To: Bill Harmond who wrote (10755)	3/6/2002 3:44:18 PM
From: Bill Harmond	Read Replies (2) of 57684

15:17 ET UTSI UTStarcom pressured by China news; price target cut (23.49 -1.21) -- Update -- Stock has been on the defensive for most of the session. Apparently pressuring stock is article indicating that China Tel will not be approved for new licenses to provide its PAS service. Salomon Smith Barney out with intraday note on issue. While firm believes near-term EPS visibility for UTSI remains high, thinks this news underscores firm's biggest concern -- the unpredictability and credibility of newsflow from China. Firm reduces its price target on UTSI to $25 from $38 on view that increased uncertainty surrounding co's long-term earnings profile will cause stk to trade at a discount to growth.

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