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Technology Stocks : Terayon - S CDMA player (TERN)
TERN 26.51+3.8%11:50 AM EST
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To: jay silberman who wrote (88)4/15/1999 2:54:00 AM
From: SteveG  Read Replies (1) of 1658
 
TERN: HITCHED TO ATHM'S WAGON (OR VICE VERSA)--STRONG BUY
Bankers Trust Research/BT Alex. Brown Research
Lawrence Marcus, Justin Post

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TERAYON COMMUNICATIONS SYSTEMS INC. [TERN] "STRONG BUY"
Hitched To ATHM's Wagon (Or Vice Versa)
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Date: 04/13/1999 EPS 1998A 1999E 2000E
Price: 53.25 1Q (0.48) (0.27) (0.10)
52-Wk Range: 50 - 7 2Q (0.45) (0.24) (0.03)
Ann Dividend: 0.0 3Q (0.44) (0.20) 0.07
Ann Div Yld: 0.00% 4Q (0.33) (0.16) 0.22
Mkt Cap (mm): 1,060 FY(Dec.) (1.68)A (0.86) 0.20
3-Yr Growth: 75% FY P/EPS NM NM NM
CY EPS (1.68) (0.86) 0.20
Est. Changed No CY P/EPS NM NM NM
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52 week range since 8/18/98 ipo priced at 13

HIGHLIGHTS:
--TERAYON BENEFITING FROM @HOME, as the preferred modem vendor for the most
aggressive MSOs deploying @Home's service. @Home posted solid 1Q (March)
1999 metrics with 460,000 data subscribers and 15 million 2-way HFC homes
passed.

--40%+ OF @HOME SUBSCRIBERS COME FROM MSOs AGGRESSIVELY ROLLING OUT
TERAYON. Shaw (81k), Rogers (54k), Cablevision (11k) represented over 40%
of @Home's 331,000 subscribers in 4Q (Dec.) 1998.

--@HOME GROWTH FURTHER BROADENING TERAYON EXPOSURE. @Home's Japanese joint
venture with Sumitomo (an investor in and deployer of Terayon) should help
Terayon generate additional international sales.

--WE EXPECT TERAYON TO BEAT OUR C1Q ESTIMATES of net per share loss of
$0.27 on $14.0 million of revenue. We also expect Terayon to surpass our
estimates for the Company's metrics (modems sold, headends deployed, and
homes passed).

--WE REITERATE OUR "STRONG BUY" RATING ON THE SHARES.
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