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Technology Stocks : 3Com Corporation (COMS)

COMS 0.00130

-23.5%

Nov 7 11:47 AM EST

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To: allen menglin chen who wrote (23992)	11/4/1998 8:28:00 AM
From: Tom Gebing	Read Replies (1) of 45548

CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research - Americas NOVEMBER 3, 1998 LATE EDITION (As Of November 3, 1998) COMPANY COMMENT 3Com Corporation (COMS, $33.625, STRONG BUY)Target (12 Months): $40+ We have checked with two market research houses that publish market share data on the adapter card segment and expect they will release market share data within a few weeks. This is likely to show large market share gains for Intel during Q3-98, while 3Com is likely to show some decline from the strong first half 1998 results. In rough terms we estimate 3Com's market share in the 10/100 Mbps market will be in the mid-40% range and Intel in the mid 30% range. We believe market share shares that are driven by OEM business can and will continue to be lumpy, however, this does not signal a material change in 3Com's outlook, the quarter or its position within the industry. Although these data points will provide fodder for negative sentiment, we believe this will be short lived and continue to expect 3Com shares to perform well based on expanding operating margins. There are no changes to our estimates. Annual EPS5/00E 2.315/99E 1.39

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