Winstar Comm. (WCII) Message Board

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Technology Stocks : Winstar Comm. (WCII)

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To: Edward Murphy who wrote (7981)	8/28/1998 1:51:00 PM
From: SteveG	Read Replies (1) of 12468

NBMO from a couple days ago, fwiw- We reiterate our BUY rating on WinStar today on the back of today's announcement of three more switched cities, thus confirming WinStar's top-tier asset profile relative to the other CLECs. * Confirms WCII on schedule to be in 30 top cities by year-end 1998 and 40 by 1999. * By year-end WCII is on schedule to serve 139 million POPs in the top 30 cities. * Only WorldCom and Teleport have more POPs in the top 30 markets. * Today's announcement confirms that WinStar's asset profile is in the top tier of all CLECs, in our opinion. * We believe WinStar's valuation, at an enterprise value of $2.1 billion, is a clear mispricing of these assets in our opinion. Our price target of $97 corresponds to an enterprise value of $5.7 billion for WCII, which we believe is conservative.

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