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Technology Stocks : Vodafone-Airtouch (NYSE: VOD) -- Ignore unavailable to you. Want to Upgrade?

To: MrGreenJeans who wrote (2789)	5/26/2000 11:42:00 AM
From: MrGreenJeans	Read Replies (1) \| Respond to of 3175

Lehman Brothers has reiterated its "buy" stance on Vodafone AirTouch (VOD) at 264p ahead of results on Tuesday. Analyst Jo Oliver is maintaining the stock on the broker's European "Recommended List" and is sticking with a price target of 450p a share. The broker concedes its forecasts for the year to March 31 are top of the range. It forecasts pretax profit will surge from œ1.8bn to œ2.412bn and earnings per share will increase from 3.47p to 4.43p. This year, it expects pretax profit to hit œ6.062bn with earnings forecast to reach 5.42p and next time around œ8.144bn is pencilled in at a pretax level and 7.09p of earnings are predicted. This is not just a story about results. Oliver also expects updates on the sale of Orange and news about how Vodafone will finance its third generation expansion ambitions. At the current share price the stock trades on a 2001 EV/EBITDA multiple of 17. The US broker argues that for a stock promising medium term compound annual growth in revenues of 25-30% a year, such a rating is far too low.