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Technology Stocks : copper mountain CMTN -- Ignore unavailable to you. Want to Upgrade?

To: Mark Morrow who wrote (1122)	10/18/2000 9:26:21 PM
From: Alex Mt	Respond to of 1226

Morgan Stanley Dean Witter October 18, 2000 Copper Mountain Networks (CMTN-$27-N) Downgrade to Neutral A. Shah/M. Lynch CMTN reported C3Q00 revenue and EPS of $93.5MM and $0.27 (vs. $32MM and $0.09 in C3Q99) exceeding our $92.2MM and $0.26 estimates, respectively. A lack of visibility of sales into CLEC customers forced CMTN to project lower revenue and earnings for C4Q00 and F2001. Shifting strategy towards ILECs and IXCs - A minor restructuring of the sales and marketing teams at CMTN is underway to focus on a more predictable customer base. We downgrade CMTN from an Outperform to a Neutral rating. We believe DSL market demand is still strong. CMTN's guidance is not an indicator of the overall DSL market health. It demonstrates the risk of exposure to broad CLEC customer base.