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Technology Stocks : 3Com Corporation (COMS)

COMS 0.00130

-18.8%

Nov 7 11:47 AM EST

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To: William Grady who wrote (10104)	11/12/1997 9:00:00 PM
From: Maverick	Read Replies (1) of 45548

Goldman Sachs said it cut its fiscal 1998 earnings estimate on shares of 3COM CORP to $2.15 per share from $2.30 per share, while keeping its fiscal 1999 estimate at $2.70 per share. (Reuters 10:42 AM ET 11/12/97) * Morgan Stanley said that analyst George Kelly lowered his fiscal 1998 earnings estimate and target price on 3COM CORP due to near-term concerns over high channel inventory levels. Cut fiscal 2Q estimate to $0.46 per share from $0.53, 3Q estimate to $0.52 from $0.60 and 4Q (May) estimate to $0.59 from $0.69. Cut one-year target price to $48 per share from $65. Estimate reductions took 1998 estimate to $2.05 per share from $2.30. In a research note, Kelly cited weak fundamentals in modem business, where wholesaler inventories are "higher-than-optimal" and "demand appears weaker than previously anticipated." Also cited fact that 15% of 3Com's revenues are to Asia, "one-third of which could be in jeopardy." (Reuters 09:40 AM ET 11/12/97)

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