Terayon - S CDMA player (TERN) Message Board

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Technology Stocks : Terayon - S CDMA player (TERN)

TERN 37.77

+6.9%

Feb 6 9:30 AM EST

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To: gdichaz who wrote (28)	11/9/1998 2:57:00 PM
From: Bernard Levy	Read Replies (2) of 1658

Hi Chaz: You sure like to live dangerously! However, given the huge appreciation of your CSCO holdings, you can probably afford it. I do not have any comment on BRCM's chip announcement. It sounds good, but with BRCM, the PR is often ahead of the business fundamentals. Concerning BRCM, keep in mind the following facts: a) It has a tiny float. The current market capitalization has no relation with what an acquirer would be willing to pay for the whole company. b) It is doing great right now. However, the settop box business is one in which many other players (such as INTC, LSI ...) cannot afford to be frozen out. So at some point, BRCM can expect a formidable challenge from the industry leaders. On the cable modem chips front, expect cable modems to go the way of ordinary modems-- a commodity business with razor-thin margins. So BRCM is a great company, but it is receiving a Yahoo like valuation, when it really deserves a TXN/INTC or PCMS/VTSS valuation. No news yet on TERN and cable modem standards. Best regards, Bernard Levy

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