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Strategies & Market Trends : The New Economy and its Winners

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To: Lizzie Tudor who wrote (12610)	7/9/2002 1:34:16 PM
From: Lizzie Tudor	Read Replies (2) of 57684

Unbelieveable, SEBL started with "unattractive", and no upturn seen in 2003! Its hard to know what to think about this. L :19AM Siebel Systems started with Unattractive at Bear; $9 target (SEBL) 13.21: Bear Stearns initiates coverage with an UNATTRACTIVE rating and a 6-8 month price target of $9. Firm's estimates and valuation reflect a conservatism that enterprise applications software demand may not improve this yr or next. Believes that current consensus estimates are too aggressive; Bear's 2002 and 2003 estimates of $0.34 and $0.37 are well below Multex consensus estimates of $0.45 and $0.54. The $9 target is derived by applying SEBL's historical avg PEG ratio of 2.7x. Trough-multiple analysis suggests downside to $8.

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