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Technology Stocks : Oclaro, Inc. (Avanex-Bookham) -- Ignore unavailable to you. Want to Upgrade?

To: r.edwards who wrote (940)	11/14/2000 9:42:59 PM
From: Victor Lazlo	Respond to of 2293

<<Shares Outstanding 68.4 Million DJIA 9933.36 >> Look at cvde - 3.2 mill out <<Avanex reported normalized EPS of $0.03, blowing away our breakeven estimate. >> CVDE did .11 / share blowing away even my high expectations. Net margin north of 10%, no debt. <<We reiterate our 1 Buy rating and price target of $250, or 62 times our CY01 revenue forecast.>> I reiterate my strong buy on cvde with a near-term target of $14. (currently $4.35 ) <<q Avanex is diversifying its sales by product line and customer base, and the book-to-bill ratio remains quite strong, at nearly 2:1. We have raised our revenue estimates significantly to $192.3 million and $373.0 million in FY01 and FY02 ended in June, from our prior forecasts of $135.0 million and $260.0 million, respectively. >> CVDE's new orders are up more than 100% over comp periods 1999. Customers include IBM, HP, Corning. Joint R&D project underway with Corning. Our normalized EPS estimates move up significantly to $0.25 and $0.76 in FY01 and FY02 from $0.11 and $0.46 — increases of 127% and 65%, respectively.<>> (IF no new shares are issued, that is.) CVDE will earn more than .45 /share in 2001. CVDE stock is at $4.35, and heavily owned by management. <<Marcus Kupferschmidt 1 212 526-5499 mkupfers@lehman.com >> How much of Marcus' bonus this year is tied to avnx stock peformance? Victor