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Technology Stocks : Winstar Comm. (WCII)

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To: gauguin who wrote (5116)	4/13/1998 3:35:00 PM
From: Steven Bowen	Read Replies (2) of 12468

RESEARCH ALERT - Morgan Stanley on CLECs Reuters Story - April 13, 1998 15:25 NEW YORK, April 13 (Reuters) -Morgan Stanley Dean Witter analyst Stephanie Comfort downgraded WinStar Communications Inc to neutral from outperform. -- in a research report, said competitive local exchange company (CLEC) stocks have been increasingly volatile in the past several weeks. Said group is still up 48 percent this year and up more than 200 percent from a year ago. -- said believes companies are at a "critical point" where operational benchmarks and valuation metrics are changing. -- said many CLECs have shown decreasing EBITDA losses, so investors are now able to compare companies, their positioning and their ability to hit breakeven EBITDA. -- said Morgan Stanley is focusing on companies with high- quality revenue mix, strong back office systems and productive sales and marketing efforts. -- said raised price targets on several stocks. ITC DeltaCom Inc was raised to $43 from $32, GST Telecommunications Inc to $20 from $18, Intermedia Communications Inc to $85 from "under review", McLeodUSA Inc to $49 from $36 and Electric Lightwave Inc to $22 from $19.

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