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Technology Stocks : Ascend Communications (ASND)
ASND 205.50-1.5%Dec 5 9:30 AM EST
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To: jim detwiler who wrote (13018)9/16/1997 12:19:00 AM
From: AlienTech   of 61433
 
>>It's about time somebody told the truth about analyst ratings. <<

By Kramer the guy who coudnt make a buck in ASND even if it fell on him but read his article today anyway.. Its pretty informative..


I pay no attention to all the current rankings. The Wall Street Journal's analyst ratings remind me of those New York Times "computer" football ratings. For most of the late 80s, that handicap system invariably showed the Philadelphia Eagles as number one or two. Yet I don't remember my Eagles going to any Super Bowls, let alone NFC division championships. Did see some wild card action though.
The Journal's ratings are too scientific, too quantitative. They always seem to anoint some person who either can't move a stock with a downgrade, or is so slavish to the numbers a company is going to earn that she couldn't pick the direction of a stock if her life depended on it.

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But when the health returns, investors will want to buy low. David Beard, portfolio manager at Trainer, Wortham is holding onto his stake in Ascend. He bought most of the shares in the 40 range this summer, and despite the loss he is willing to wait out this value play.

"You have to be contrarian," Beard says. Because if not, you'll buy at the top and sell at the bottom."

Ascend now trades at 26 times trailing operating earnings (which disregard sizeable acquisition charges). That's a discount, given the 29% annual growth posted lasted quarter. The price-to-earnings ratio for 1998 is 18, also cheap given the growth rate of 45% forecast by First Call. Perhaps the bottom is in sight.
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