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Biotech / Medical : Biosource International

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To: Joe Dancy who wrote (265)	10/8/1997 2:42:00 PM
From: Grommit	of 696

Disturbing News.... I just received copies of 3 analyst reports on BIOI. 1. Pacific Crest Securities dated Sept 22, 1997. Downgrade to outperform and lower EPS estimates. They mention that this is the 3rd time this year that they have lowered estimates and they are pissed (not a direct quote). They do mention lack of visibility, strength of dollar, stagnent growth overseas. FY97 0.40 and FY98 .63. 2. Wedbush Morgan Securities Sept 15, 1997. A buy rating. They have .10E in Q3 (this qtr) and .12E in Q4. Not very intelligent verbage. Seem to be mouthing corporate hopes without their own opinions offered. That EPS is little growth from last year, unless I miss something. 3. Cruttenden Roth April 22, 1997 - downgrade to neutral. Older report with higher EPS estimates than the others. Time to bail and to get back in later when they show some performance. See you in a few months perhaps wave. Out at 7 5/8. Grommit

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