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To: Harold S. who wrote (50396)	1/7/2004 7:13:52 PM
From: E.J. Neitz Jr	Read Replies (1) of 53068

Evening Comment from Argus Research on NT--Target price Up. (Harold on the Goldman comments, I will once again add to my position tomorrow am) Nortel Networks (NYSE: NT, $5.63) BUY • BUY-rated Nortel Networks has won the contract to transform Verizon from a circuit-based to packet-based, VoIP architecture. Though no deal terms were specified, the deal potential is enormous, and represents a further validation of Nortel’s packet strategy. • We are maintaining our EPS estimates of $0.06 per diluted share for 2003 and $0.17 per diluted share for 2004. We will likely implement a 2005 forecast soon after Nortel reports its 2003 fourth quarter; our preliminary assumption is that 2005 EPS could rise 50% or more from 2004. • Our long-term EPS growth projection for Nortel remains 15%, and our financial strength ranking is Medium. • We have increased our 12-month target price to $10, from a prior $7, after incorporating our preliminary 2005 EPS and cash flow forecasts into the mix. Altogether, our revised blended valuation model now supports a 12-month target in the NT shares in the $10-$12 range.

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