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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: DanZ who started this subject	2/2/2004 6:55:34 PM
From: E.J. Neitz Jr	Read Replies (2) of 53068

Toys `R' Us Inc.: Risk/reward less compelling-Goldman Sachs 02/02/04 1:35pm ET We believe that the shares of Toys 'R' Us Inc. (IL/C), in the wake of their recent run, now fairly reflect prospects for financial restructuring. And despite the likelihood of some management action in the first half of 2004, we see the risk/reward as less compelling. Our key assumptions are (1) valuation is closer to fair value, (2) the split-up of the business is easier to model than to execute, (3) the timing of announcements is uncertain, and (4) real estate is unlikely to prove decisive. The door is open to strategic discussions by management of the underperforming core business, and operating solutions would ultimately be most constructive for the story. We are all ears but see decisive insights as less than likely near term. We maintain our In-Line rating within a Cautious coverage view.

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