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To: Bill Harmond who wrote (76018)8/31/1999 8:37:00 PM
From: Glenn D. Rudolph  Respond to of 164684
 
RESEARCH ALERT - Terayon <TERN.O> started
NEW YORK, Aug 31 (Reuters) - Warburg Dillon Read analyst
Anton Wahlman started coverage of cable modem maker Terayon
Communication Systems Inc. Tuesday with a rating of hold.
-- "As optimistic as we are about Terayon's ability to meet
or exceed going-forward revenue and bottom-line results, the
current stock price we believe reflects a full valuation," he
wrote in a report.
-- "We believe the more likely road to profitability for
the Terayon model is to be acquired by a larger communications
equipment infrastructure player, which could utilize
organizational synergies to take cost out of the model."
-- The company's shares were off 11/16 at 36-3/8.
859-1730, fax (212) 859-1739))