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Technology Stocks : Newbridge Networks

NN 12.64

+3.2%

Nov 14 3:59 PM EST

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To: pat mudge who wrote (5299)	6/23/1998 10:50:00 PM
From: Ian@SI	Read Replies (1) of 18016

I haven't seen this posted yet... Newbridge Networks Corp. (NN) Furman Selz said analyst Michael Neiberg upgraded his rating of NEWBRIDGE NETWORKS to buy from hold, but slightly trimmed future earnings estimates. Neiberg said the upgrade came because the quarter seems off to a good start and he has increased confidence in the new, lower estimates. He also cited the company's new president and chief operating officer Alan Lutz and industry consolidation. Furman's Neiberg gave the stock a 12-month price target of $30 a share, based on 25 times estimated calendar 1999 earnings of $1.25 a share. Neiberg cut fiscal 1999 estimates to $0.85 from $0.90 and fiscal 2000 estimates to $1.35 from $1.40, bringing the estimates in line with consensus expectations. (Reuters 01:36 PM ET 06/23/98)

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