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Technology Stocks : WCOM
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To: Teddy who wrote (3346)9/28/1998 6:23:00 PM
From: Anthony Wong  Read Replies (1) of 11568
 
09/28 16:00 RESEARCH ALERT - Lehman positive on MCI WorldCom

NEW YORK, Sept 28 (Reuters) - Lehman Brothers said analyst Blake Bath
reiterated a buy rating on MCI WorldCom Inc. <WCOM.O>.

-- said recent conversations with senior management suggests the company is
confident about meeting 1999 consensus earnings expectations.

-- MCI WorldCom is expected to earn $1.99 a share in 1999 and $0.89 a
share in 1998, compared to $0.22 a share in 1997, according to First Call.

-- said MCI WorldCom has been "aligned to optimally capture cost and
revenue synergies."

-- said cost synergies should become apparent in the next two quarters, with an
annualized cost savings rate hitting $500 million by December 1998 and $1.6
billion in the first quarter of 1999.

-- said MCI WorldCom's valuations should improve in the next two to three
quarters as the company sees these merger synergies and demonstrates
sustainable growth.

-- earlier on Monday, MCI WorldComo introduced a new service called
On-Net, which cuts costs for business customers that send voice or data traffic
using only the MCI WorldCom network rather than several phone networks.

-- Lehman said MCI WorldCom's new On-Net product will leverage the
company's service capabilities, domestically and globally. Said On-Net gross
margins are expected to be 70 percent to 80 percent, which is about 50
percent higher than WorldCom's average margins.

-- Shares of MCI WorldCom lost 5/16 to 49-13/16.
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