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Technology Stocks : TLAB info?
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To: Bob Monard who started this subject4/17/2003 10:04:30 PM
From: mopgcw  Read Replies (1) of 7342
 
From GS:

Tellabs, Inc. EPS (FY Dec) 2003E (US$0.28), 2004E (US$0.02) In-Line/Neutral
(TLAB) US$5.57

Weaker-than-expected new product traction coupled with a greater-than-expected
decline in legacy products raises the hurdle of success for Tellabs in our view. While
we have been highlighting the need for the company to expand its product line and
increase its addressable market in order to drive future growth, these issues have
become even more important now that the company's core crossconnect business will
likely stabilize at a level lower than we had originally estimated. We are reducing
our full year 2003 and 2004 EPS and revenue estimates due to the lack of
new-product traction and we reiterate our In-Line/Neutral rating on shares of Tellabs,
as we believe the stock is fairly valued at approximately $5.00-6.00. We believe
shares of Tellabs will continue to consolidate in the $5-6.5 range for the near-term.
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