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Technology Stocks : All About Sun Microsystems

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To: cfimx who wrote (63937)	7/27/2006 3:14:01 AM
From: QwikSand	Read Replies (1) of 64865

Richard Gardner, Citigroup (Smith Barney): We continue to believe that Sun is in the third or fourth inning of a transition from proprietary, vertically integrated systems company to an “integrator” of x86 chip architecture with open-source software. This transition will periodically require restructuring actions, which may significantly disrupt the company’s existing business. We believe that the positive impact of a more-competitive product portfolio and restructuring actions are fully reflected in our revised EPS estimates and consensus. A valuation analysis based on these estimates suggests a fair 12-month value of $4, Reit Sell with lowered $4 target. Sun's growth and profitability are improving, but we believe realistic improvements are already reflected in the share price modestly below the current price of the shares. --QS

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