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Technology Stocks : AUTOHOME, Inc

ATHM 23.76

+1.2%

Nov 28 9:30 AM EST

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To: Boplicity who wrote (6277)	3/17/1999 9:09:00 PM
From: Boplicity	Read Replies (1) of 29970

RESEARCH ALERT - AT&T upbeat on broadband unit NEW YORK, March 17 (Reuters) - Lehman Brothers analyst Blake Bath said AT&T Corp. <T.N> held an upbeat meeting to reiterate its outlook and plans for its broadband and Internet services unit. Lehman said Leo Hindery, president of the broadband unit, indicated AT&T was unlikely to buy MediaOne Group Inc. <UMG.N>, but said AT&T planned to finalize joint ventures with cable companies in the near-term. Lehman said AT&T plans to finalize the previously announced pact with Time Warner Inc. <TWX.N>, including the announcement of a chief executive, within the next 30 days. Said MediaOne is not expected to block that deal. Hindery said he and his management team have a five-year vesting agreement and intend to remain with AT&T through the execution phase of the broadband strategy. Hindery said rumors of his departure over the next few years are unfounded. Hindery said he believes the cable industry is the last stage of consolidation, with final scenario being played out in the coming months Lehman said it appears AT&T's relationship with America Online Inc. <AOL.N> is "frosty" after AOL's recent battle to try to force AT&T to open its high-speed Internet networks to competitors. Hindery said very little was going on commercially between AT&T and America Online Inc. Hindery said he believes AOL's alignment with the Baby Bells and their commitment to DSL (digital subscriber line) technology and its deployment timeline is a mistake. Hindery said he remained confident the broadband unit will show strong digital customer growth and mid- to high single digit revenue growth. This should drive mid- to high single digit operating cash flow in 1999, Hindery said. Hindery said he expects AT&T can achieve 25 percent to 30 percent cable telephony penetration in three years. Lehman Brothers said it believes AT&T remains on track for accelerating revenue growth and profit growth over the next few years and views the recent stock pullback as an excellent buying opportunity. shares of AT&T gained $1.375 to $83.8125.

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