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Technology Stocks : PairGain Technologies

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To: Chris Reaves who wrote (28067)	1/19/1999 2:21:00 PM
From: Larry J.	Read Replies (2) of 36349

I received a copy of the Volpe Brown report: Here's the first and the last paragraphs.....quite encouraging: (can post the body later time permitting) We reiterate our BUY rating on Pairgain Technologies based on several recent and upcoming developments in a number of areas, including the emergence of ADSL technology deployments, industry consolidation, the status of Pairgain's efforts in both its core HDSL and emerging ADSL businesses and Pairgain's new management situation. We believe the shares remain very inexpensive at current levels and expect to upside as these events unfold in the coming weeks and months. With $10 per share in ADSL, $3 in cash and at least $4 for small subscriber, we believe PAIR is a value even discounting the HDSL business entirely. We note in closing the strategic value of Pairgain's broadband access technology, likely increasing with each major ADSL deployment announcement, as well as the value of its major telco customer relationships. We believe last week's Lucent / Ascend deal has reawakened investor interest in industry consolidation, and we continue to view Pairgain as a very attractive candidate. Larry

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