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Technology Stocks : CDRD (CD Radio)
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To: Eman03 who wrote ()6/3/1998 9:02:00 AM
From: John Gault  Read Replies (2) of 904
 
"upgrading everything"- Lehman upgrades CD Radio target price today:

Lehman has raised it year-end price target to 66.
Excerpt from Bloomberg:
* We are raising our year-end 1998 price target to $66 from $45 to
reflect the company's plans to expand channel capacity to 100 channels
by launching a third satellite.
* Raising penetration assumptions. Our 5th year penetration estimate
goes to 5.9% from 3.8%. We think this estimate is conservative since it
is 50% below forecasts by the Yankee Group.
* We are estimating incremental capex for the third satellite and
expanded service at $290M and anticipate service beginning in 2Q00
rather than 4Q99. Our model assumes debt financing.
* We have also increase the discount rate in our DCF valuation model to
30% from 28% based on potential risk of an additional satellite launch.
* We reiterate our 1-Buy rating.
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