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Strategies & Market Trends : The New Economy and its Winners

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To: techanalyst1 who wrote (11749)	5/24/2002 9:50:27 AM
From: Bill Harmond	Read Replies (1) of 57684

07:51 ET SAP SAP AG downgraded at Morgan Stanley, Solly (27.07) Morgan Stanley downgrades to EQUAL-WEIGHT from Overweight and cuts FY02-03 ests; cites risks such as mgmt changes in the US, introduction of R/3 Enterprise, and deceleration of maintenance growth and shelfware; firm doesn't expect near-term performance to support expectations of higher long-term growth or better margins. Salomon Smith Barney downgrades to NEUTRAL from Outperform, lowers price target to $30 from $40, and cuts 2002-03 ests; timing of mgmt change is a possible warning that US operation has continued to underperform in Q2, co not immune to extremely tough mkt, and firm questions mgmt's 15% guidance.

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