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Technology Stocks : WCOM
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To: Mazman who wrote (2262)3/16/1998 9:33:00 AM
From: Oeconomicus  Read Replies (1) of 11568
 
I believe the "upgrade" was actually an "initiating coverage with a buy" (or probably a strong buy) from Salomon/Smith Barney. The analyst is also an i-banker with a long history with WCOM and who worked on this deal (obviously, he couldn't issue reports while advising the company, hence the "initiating coverage"). He said $60 twelve month target and I think $90 in 24 months according to CNBC. Estimates, if I recall correctly, 17% top line growth and 32% bottom line growth (long-term I guess). CNBC's Faber also said something about the targets being based on sustaining about a 30 PE and that the targets depend on the MCI deal going through.

Hope this helps.

Bob
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