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Technology Stocks : Glenayre Technologies(GEMS)- a pure cellular PCS play?
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To: van wang who wrote (2376)12/19/1997 10:56:00 AM
From: Jeffrey L. Henken  Read Replies (1) of 3431
 
riday December 19, 10:18 am Eastern Time

Company Press Release

SOURCE: Robert M. Cohen & Co.

Robert M. Cohen & Co. Initiates Coverage of Glenayre Technologies;
Analyst Sets Speculative Buy Rating; $17.50 Price Target

GREAT NECK, N.Y., Dec. 19 /PRNewswire/ -- Robert M. Cohen & Co. analyst Keith R. Bossey initiated coverage of Glenayre Technologies (Nasdaq: GEMS - news) with a speculative buy rating and set a 12-month price target of $17.50 per share.

''Once a darling, now a dog, Glenayre has fallen 80% in 18 months,'' Bossey noted. The international provider of infrastructure and services for the wireless communications industry has seen its stock fall as the domestic paging market has been depressed.

However, recent acquisitions and a restructuring of its business focus have set Glenayre up to re-emerge as one of the darlings of the investment community, Bossey said. He noted that several factors are contributing to a potential imminent turnaround, including insiders and institutions buying stock throughout 1997.

''While earnings may be flat as the new acquisitions are digested, revenue growth looks to continue at nearly 20%,'' Bossey added.

SOURCE: Robert M. Cohen & Co.
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