Napster, Inc. Message Board

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Technology Stocks : Napster, Inc.

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To: D. K. G. who wrote (35)	5/22/2005 10:38:42 PM
From: D. K. G.	Read Replies (1) of 44

Napster - NAPS-NNM Buy - Price 3.88 on May 17 by Brean Murray Initiating coverage of Napster with a Buy rating and a 12-to-18-month target price of 8. Napster is a leader in the online-music market, [and] we believe external market conditions speak to increases in consumer spending on digital media; we see less-expensive telecommunications and consumer electronics leading to greater consumption of digital media....Napster has [under]gone a transition from a provider of software and online music to solely providing music online...accordingly, we expect to see Napster continue to be in a loss position for the foreseeable future. In 1QFY06, we expect...$20.3 million in revenues and EPS of (64 cents). We forecast Napster will have 477,000 subscribers at the end of 1QFY06. We forecast FY06 revenues of $100.5 million and EPS of ($2.26)...The company has $158 million in cash and no debt. We believe that Napster could be an acquisition candidate for consumer-oriented Internet companies.

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