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Technology Stocks : Compaq
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To: Aitch who wrote (60429)5/4/1999 3:17:00 AM
From: rupert1  Read Replies (1) of 97611
 
Aitch: Thanks for those two reports:

1. Merrill Lynch. I was surprised at the superficial nature of this analysis. It was highly impressionistic, even journalistic. |It had a few woolly remarks about COMPAQ's strategy, but it was more like an amateur commentary on COMPAQ's public relations. For different reasons than he gave, I agree that the advertising campaign needs improvement. I have followed Milunovich's analysis for a year. He was consistently wrong about the direction of the price in 1998 and wrong by about 85% in his EPS estimates.

2. Montgomery Securities. A lot of useful detail. It's central finding that investors should concentrate on revenue growth rather than unit growth was sensible. However, it underplayed the importance of unit growth (even low-margin unit growth) to diversified companies like COMPAQ, which can generate other sources of revenues for its high-end, server, storage and services divisions through its dominance of the low-end market and its strong brand image.
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