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Technology Stocks : TLAB info?

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To: DMaA who wrote (4234)	10/23/1998 5:00:00 PM
From: Beltropolis Boy	Read Replies (1) of 7342

excerpts from the latest lehman bro's report. for what it's worth, their fourth quarter estimate is $0.61 vs $0.42. Tellabs Inc: 3Q Results Clearly Show Tellabs Is Not Just A Two Trick Pony Author: Steven D. Levy (212)526-2499/Sender Z. Cohen(212)526-3777/Andrea Green Rank(Old): 1-Buy Rank(New): 1-Buy Price : $38 3/4 Price Target (Old): $75 Price Target (New): $75 Today's Date : 10/16/98 Disclosure(s): Lehman Brothers Inc. makes a market in the securities of this company. * Tellab's third quarter EPS of $0.49 (excluding a $0.04 per share one-time charge related to the Coherent acquisition) was well ahead of consensus of $0.46 and our $0.47 estimate. The outperformance is attributable to revenues of $423.5 million vs our $407.8 million forecast and an impressive 65.5% gross margin, we had been estimating margins of 63.0%. * Management is hosting a conference call this morning at 8:30 am and we expect bullish comments about the outlook as well as a positive reaction by other analysts. * We were particularly ebullient about this quarter's results because of the outperformance on the revenue line. September quarter results, which included Titan and MARTIS revenues slightly below our assumptions, should also bolster the view that we have held for some time that Tellabs is not just a two trick pony. Further, given the performance of the newly acquired Coherent business, Tellabs has demonstrated that it can complete a successful acquisition. * We strongly reiterate our 1 buy rating. Tellabs continues to be our number one stock idea. lehman.com

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