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Technology Stocks : Network Appliance

NTAP 103.84

-4.2%

Jan 16 9:30 AM EST

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To: im a survivor who wrote (10285)	10/9/2002 12:31:13 PM
From: JakeStraw	Read Replies (1) of 10934

RESEARCH ALERT-Salomon cuts views on five data storage firms Wednesday October 9, 12:00 pm ET biz.yahoo.com NEW YORK, Oct 9 (Reuters) - Salomon Smith Barney on Wednesday said it cut its price targets and profit estimates on five data storage companies, including Brocade Communications Systems Inc., saying spending on storage was being delayed because of the tough economy. "Based on our checks late last week ... storage demand has not eroded but has continually been pushed out due to a lack of available funds," Salomon analyst Clinton Vaughan said in a note to clients. Vaughan said he cut earnings estimates and price targets on Brocade (NasdaqNM:BRCD), Emulex Corp. (NYSE:ELX), Network Appliance Inc. (NasdaqNM:NTAP), QLogic Corp. (NasdaqNM:QLGC) and Storage Technology Corp. (NYSE:STK). He cut Brocade's full-year earnings forecast to 26 cents a share from 28 cents and lowered the price target to $8 from $22. Emulex full-year earnings were cut to 65 cents a share from 70 cents and its price target was lowered to $11 from $24. Vaughan cut Network Appliance full-year earnings to 20 cents a share from 22 cents and lowered the price target to $8 from $14. QLogic full-year earnings went to $1.04 a share from $1.07 and its price target was cut to $23 from $29. Storage Technology was cut to 72 cents a share from 81 cents, and its price target was cut to $11 from $14.

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