PixTech (PIXT) Field Emission Displays Message Board

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Microcap & Penny Stocks : PixTech (PIXT) Field Emission Displays

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To: Tom Holzel who wrote (74)	3/12/1998 9:52:00 AM
From: Paul Dieterich	Read Replies (1) of 213

The latest from Lehman's on PIXT ----------------------------------------------------------------------------- WHAT'S NEW AT PIXTECH? STOCK IS UP SUBSTANTIALLY, BUT NOTHING NEW FUNDAMENTALLY. STOCK DUE FOR A PAUSE UNTIL FURTHER POSITIVE NEWS DEVELOPS. 1Q98 ESTIMATED EPS LOSS OF $-0.25 MAY BE UNDERSTATED BY $0.05; $5 1-YEAR TARGET MAINTAINED. ----------------------------------------------------------------------------- PIXTECH IS UP 93% SINCE OUR JANUARY UPGRADE TO 2V FROM 3V. Trading volume has increased and the stock has performed particularly well the last few days. What is the new news? Nothing fundamentally. PIXTECH HAD BEEN RPICED AS IF IT WERE GOING OUT OF BUSINESS. The company's promising field emission display (FED) technology is over a year behind schedule. We anticipate the first commercial shipments of PixTech displays to occur in the next 6-8 weeks. (PixTech is currently shipping several hundred displays to a U.S. medial equipment supplier who will ship to end-users.) PixTech's Taiwanese foundry, Unipac, is scheduled to begin production this summer, and we expect commercial volume late this year. These developments are as expected. More immediately, short-term earnings face some downside risk. Our 1Q98 loss of $0.25 assumes $0.05 of income from French government contracts, and it is not certain that this income will materialize in 1Q (it could be later this year). PIXTECH'S STOCK IS DUE FOR A PAUSE. We believe our $5 1-year target was quite conservative, but we are not comfortable changing the target until positive new events emerge (i.e. shipments to end-users are well received, news from Unipac regarding production ramp). PixTech will likely be stuck in a $4-$5 trading range until then. BUSINESS DESCRIPTION: Manufacturer of field-emission displays (FEDs), a new type of flat panel display that offers the brightness and color of a cathode-ray (CRT), wide viewing angles and temperature insensitivity. ------------------------------------------------------------------------------ Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the past three years a public offering of securities for this company. B-An employee of Lehman Brothers Inc. is a director of this company. C-Lehman Brothers Inc. makes a market in the securities of this company. G-The Lehman Brothers analyst who covers this company also has position in its securities.

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