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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: SecularBull who wrote (7874)	9/21/2000 3:22:42 PM
From: jopawa	Respond to of 15615

SOURCE: Deutsche Banc Alex. Brown Lighting the Path to Value - Deutsche Banc Alex. Brown's Rohit Chopra Initiates Coverage of the Multimedia Network Operators NEW YORK, Sept. 21 /PRNewswire/ -- Deutsche Banc Alex. Brown analyst Rohit Chopra today initiated coverage of five multimedia network operators (MNOs). Shares of Global Crossing Ltd. (Nasdaq: GBLX - news; $29.44) were started with a STRONG BUY investment rating while shares of FLAG Telecom Holdings Limited (Nasdaq: FTHL - news; $10.56), Level 3 Communications, Inc. (Nasdaq: LVTL - news; $71.63) and TyCom Ltd. (NYSE: TCM - news; $38.50) were started with an investment rating of BUY. Shares of Global TeleSystems Inc. (NYSE: GTS - news; $4.75) were initiated at MARKET PERFORM. Year-to-date, the MNOs have underperformed the S&P 500 Index significantly given investor concerns over issues such as access to capital and a misperception of a bandwidth glut. Chopra believes that these issues are short-term in nature and that bandwidth demand remains extremely strong, ``We believe the worst is over and investors should selectively add to their portfolios.'' Chopra's positive opinion on the sector is based on the following investment thesis: * Horizontally integrated companies focused on optimizing the bandwidth layer of the telecom value chain will successfully challenge the dominance of vertically integrated companies; * Financial efficiency and returns on capital will separate the winners from the losers; and * Companies that are globally attacking the Internet/Data opportunity through strategic network deployment will deliver the greatest value for shareholders. ``It's what one does with the network that translates into success,'' said Chopra. ``Telecom has been and always will be about productivity.'' Deutsche Banc Alex. Brown identifies the US investment banking activities of DB Alex. Brown LLC (formerly BT Alex. Brown Incorporated) and Deutsche Bank Securities Inc., which are indirect subsidiaries of Deutsche Bank AG. With over euro 925 billion in assets as of June 30, 2000 and approximately 90,000 employees, Deutsche Bank offers its clients unparalleled financial services throughout the world. It ranks among the leaders in asset management, capital markets, corporate finance, custody, cash management and private banking. Deutsche Bank is divided into five major business units: Global Corporates and Institutions, Global Technology and Services, Asset Management, Corporates and Real Estates and Private and Retail Banking. Deutsche Bank Securities Inc. maintains a net primary market in the common stock of Global TeleSystems Inc. Within the past three years, Deutsche Bank Securities Inc. or its wholly owned subsidiary, DB Alex. Brown LLC, has managed or comanaged a public offering of FLAG Telecom Holdings Limited, Global Crossing Ltd., Global TeleSystems Inc. and TyCom Ltd. FLAG Telecom Holdings Limited, Global Crossing Ltd., Global TeleSystems Inc., Level 3 Communications, Inc. and TyCom Ltd. stocks are optionable. Global Crossing Ltd., Global TeleSystems Inc. and Level 3 Communications, Inc. have convertible issues outstanding. Information herein is believed to be reliable and has been obtained from sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Opinions, estimates, and projections constitute Deutsche Banc's judgment and are subject to change without notice. This publication is provided to you for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Deutsche Bank Securities Inc., DB Alex. Brown LLC, and their affiliates worldwide, may hold a position or act as market maker in the financial instruments of any issuer discussed herein or act as advisor or lender to such issuer. Transaction should be executed through a Deutsche Bank entity in the client's home jurisdiction unless otherwise permitted by law. Deutsche Bank Securities Inc., and DB Alex. Brown LLC, are members of NYSE and NASD. In the U.S. this report may be distributed either by Deutsche Bank Securities Inc., or DB Alex. Brown LLC. Interested parties are advised to contact the U.S. entity they currently deal with, or the U.S. entity that has distributed this report to them. SOURCE: Deutsche Banc Alex. Brown