AT&T Message Board - Msg: 943999

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Technology Stocks : AT&T

T 27.13

-0.7%

Feb 6 9:30 AM EST

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To: Thom Handabaka who wrote (217)	3/7/1997 7:19:00 AM
From: Bob Smith	of 4298

[Earnings Confusion] Thom, AT&T said at the analyst meeting that the '97 earnings estimate of $3.45 to $3.75 share (vs $4.06 in '96) would be diluted by another $.75 to $1.00 for infrastructure improvements (local entry & other). That puts it in the $2.45 to $2.75 area...and recently Jack Grubman (another analyst) revised his '97 "T" earnings to $2.55 for '97. So if T trades at 10 x earnings (which it has for the most part)..I don't understand the $50 valuations by some firms. The dividend is nice but not enough to support the stock at 20 times earnings. I suspect T will trade at $25-$35....based on quartely performance.. which includes eventual RBOC entry and T's entry into local. Good luck to all... Bob

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