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Technology Stocks : LTX Corp. (LTXX)
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To: Steven D. Spurlock who wrote (1251)5/23/1998 12:46:00 AM
From: jeffbas  Read Replies (2) of 2126
 
$2 is a ludicrous target unless two things happen. There are major losses going forward for several quarters. Stocks just do not sell at 50% of book value. So for $2 to happen, book value has to be eroded away quite a bit by losses. The second thing that has to happen is that Fusion has to be a failure. For if that does not happen the Street will not mark the stock down that low, even with losses, if they can see an eventual payoff.

My read of the Gruntal downgrade to buy, from strong buy, is that neither of these two things are likely to happen, unless their analyst is incompetent - because the new rating should have reflected private discussion with the company addressing among other things these two specific issues. Furthermore, ANDO paid a very healthy price up front for the Japanese rights to Fusion. They are in the business and definitely qualified to assess the product.
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