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Non-Tech : Amati investors
AMTX 1.570+0.6%3:59 PM EST
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To: AK2004 who wrote (26855)10/9/1997 1:36:00 PM
From: MangoBoy   of 31386
 
[details on J.P. Morgan GTE downgrade]

italics mine.

mark

----

NEW YORK, Oct 9 (Reuter) - J.P. Morgan downgraded GTE Corp (NYSE:GTE) to long-term buy from buy since the stock had exceeded the firm's $49 a share price target.

-- said GTE's stock has risen about 12 percent in the past week on speculation of a merger with AT&T Corp (NYSE:T).

-- said further upside could come from a formal bid from AT&T or more evidence on the success of GTE's data strategy. Said will look to the November 17-18 analyst meeting in Dallas for more details on the company's strategy.

-- said could have downgraded the stock to market performer, but did not since there is a "possibility" that AT&T may bid for the company. Also said GTE has strong demographics and is "exploring its unique regulatory status to the full." Said GTE is still a "reasonable value" relative to the market as a whole."

-- said recent rumors on a possible deal with AT&T fall into the category of "no smoke without fire."

-- said "it seems likely that the WorldCom Inc (NASDAQ:WCOM) bid for MCI Communications Corp (NASDAQ:MCIC) set a lot of management teams into rethinking their alliance strategies."

-- said a deal would likely face "huge regulatory hurdles." Also said the two companies may need to dispose of assets in wireless and other areas.

-- said "even it AT&T bid for GTE we would expect GTE to trade at a wide discount to the take out price for some time to reflect regulatory risks and also the undoubted integration risks which would come from merging the two giants."
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