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Technology Stocks : ICGX - Intelcom Group
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To: SFgymrat who wrote (59)3/31/1998 4:18:00 PM
From: Phil Jacobson  Read Replies (2) of 335
 
I actually know the Lehman analyst. In his old job he had to approve business deals and marketing programs for the company I used to work for and had a very hard time seeing through the short term financials, ie, didn't put them into a proper overall context. That's what is happening here.

According to CNBC's Bob Pisani, the analyst at Merrill Lynch and another at Bear Stearn both indicated they have no idea what Lehman is doing. This is what they said...not my words:

- Market is $100 billion. Market is growing 4.5% per year. CLECs have only 2.5% of the market and will have 5-7% by year-end (I might have the timing incorrect - it might have been "within a year").

- Stocks should appreciate 30-40% this year (timing?)

In addition the buyout value of these companies is obvious to anyone who isn't spending his time beancounting. Large investors know this and have been pouring their money in. Even if they can't make it on their own CLECS will be of tremendous value to the WCOMs, QWSTs, Level 3s, of the world, and even the Bell companies (ICGX could be a play by Bell Atlantic to get access to the California local market, (if their petrified brains could ever think creatively). In addition, think what a BT or Deutsche Telecom might do with one.

So, yes, it seems the guy at Lehman still can't deal with general concepts. He's lost in the trees and can't see the forest.

Phil
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