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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?
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To: Ed Flynn who wrote (19402)3/15/2002 10:22:05 AM
From: Rob C.  Read Replies (2) of 20297
 
Ed and all,

3/15/2002 10:14:55 AM

Checkfree hurt by Deutsche Banc comments

Checkfree Corp. (CKFR) is losing $1.76, or 11.2 percent, to $13.73, in early

action. Deutsche Banc Alex Brown lowered its earnings and revenue estimates for

the Norcross, Ga., provider of electronic billing and payment services for

fiscal 2003. The firm left its "market perform" rating intact but lowered its

price target to $13 from $16.50. Deutsche Banc said that CheckFree is facing

stiff competition as result of the affiliation of Spectrum, a venture formed by

Wells Fargo, Chase and Wachovia, with the Metavante bill paying service.

Specifically, the firm said that the loss of Wells Fargo's new customers, which

began mid-January, could reduce CheckFree's subscriber growth by 25 percent.

Deutsche Banc estimates that if all three banks convert from CheckFree, the

company's total subscribers will fall by roughly 30 percent. "CheckFree's loss

of Well's new accounts is the start of long-term market share erosion," the

firm said in its research note. "However, we do not expect CheckFree to yield

market share without a fight, which typically is a boon for customers at the

expense of shareholders."
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