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To: Joseph Silent who wrote (2675)7/21/1999 3:46:00 PM
From: Bob Kim  Respond to of 10027
 
Joseph, I wouldn't call ML pessimistic. Conservative, as you also suggested, is the better characterization. Remember they had the highest revenue estimate for the quarter. A 2-1 rating can be the equivalent of a 1-1 rating depending on the analyst. In this case, I think ML still views NITE as a notch below a 1-1. But I would argue that NITE's 2-1 is a lot more meaningful than a lot of 1-1-rated stocks at ML.

Bob