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Technology Stocks : Adaptec (ADPT)
ADPT 16.63-0.8%11:38 AM EST
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To: Jay M. Harris who wrote (2198)5/15/1998 9:01:00 AM
From: Peter Yang   of 5944
 
>>Valuation follows: application of a median P/E to fiscal year 2000 earnings of $1.75 in March 2000 yields a price target of $32.55 for appreciation potential of 86% above prevailing levels. Math = 18.6 P/E X $1.75 = $32.55 target price. Current P/E for fiscal 99 = $17.5/$.97 or 18X.<<

Yeah, every one can do that math (including those MBAs and CFAs). However, the catch is: can ADPT really make $1.75 in year 2000? Certainly, many people don't believe that and so they dumped ADPT.
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