Glenayre Technologies(GEMS)- a pure cellular PCS play? Message Board

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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play?

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To: Amir Shalit who wrote (1612)	7/24/1997 10:41:00 PM
From: jim detwiler	of 3431

Sands joins the upgrade party to 25 bucks GLENAYRE TECHNOLOGIES, INC. (NASDAQ: GEMS) -- $17 15/16 2Q97 Results Exceed Our Expectations - Overseas Paging and Non-Paging Businesses Continue To Grow Reiterate Speculative Buy - Price Target of $25Overall, the 10% decline in domestic business was offset by a 29% gain in international business. International revenues were fueled by its largest market, China and 150% growth from the European market. GEMS ended the quarter with approximately $143 million in cash and cash equivalents and approximately $408 million in tangible net worth. Conclusion We remain convinced that GEMS presents an opportunity to invest in a rebound in the domestic paging business, the growth in international paging revenues and gains in its non-paging businesses. In addition, the Company is in position to acquire another company which strategically fits into one of the three groups or potentially add a fourth group due to its strong balance sheet. We have raised our 1997 earnings estimate to $0.94 per share, reflecting the better-than-expected quarter and are maintaining our price target of $25 per share.

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