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Gold/Mining/Energy : Reliant Resources

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To: baggo who started this subject	3/26/2003 9:27:59 AM
From: DELT1970	of 81

Comment today from DB Alex Brown: Reit Hold With the eventual elimination of refinancing risk, investor focus should shift back to fundamentals. RRI`s guidance of $0.80-$1.00 appears achievable, so long as the refinancing occurs on reasonable terms. There could be some upside potential at the wholesale business. RRI fits our sector theme of declining financial risk, but we lack the conviction in the terms of the refinancing. We believe however that at 5x our 2003 EPS estimate, shares may appeal to more risk oriented investors. With a successful refinancing, we believe the stock could trade quickly to $5-$6 per share. Lacking conviction, we are maintaining our Hold rating on RRI.

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