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Technology Stocks : Loral Space & Communications

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To: Geoff who wrote (1158)	10/6/1997 10:34:00 PM
From: Beefeater	of 10852

To correct one of Readware's posts: He stated: "...the Morgan Stanley brokerage believes LOR should be trading around $31/share today, 3 October 1997. The analyst is Pierre Chao, who uses a discount to present value model. He states that LOR should be trading above $100 in 2002..." That is not what Morgan Stanley analyst Pierre Chao wrote. Chao carries a "neutral" rating on LOR and has made no estimate of what LOR should trade at today. He did reference the Bernard Schwartz presentation at Morgan Stanley and cited Schwartz's prediction of earnings in 2002. He also said that if the prediction were accurate then LOR could sell at $100 in that year. A discount-to-present-value at 30% suggests LOR's value today could be $31. He didn't say that's what he believes LOR is worth or ought to be. It looks like Chao will get aboard the stock after the Globalstar satellites have begun to launch (his "defining moment"). He might be recommending it at $30-40. When he does, there may come a host of Morgan Stanley Dean Witter brokers promoting LOR to a new battalion of investors, and they should do wonders for the price. Avoid the rush.

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