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Technology Stocks : Efficient Networks Inc - (Nasdaq- EFNT) -- Ignore unavailable to you. Want to Upgrade?

To: Herschel Rubin who wrote (651)	12/20/2000 9:55:19 PM
From: jeff greene	Respond to of 675

...and from MSDW today: Efficient Networks (EFNT-$14-O) DSL Growth Michael Lynch/Alkesh Shah SBC Communications (SBC-$47-SB, covered by S. Flannery/M. Berghausen) is adding fewer DSL subs. SBC indicated 3.5 - 4K daily DSL subscriptions for C4Q00. This rate leads to around 750K subs by year-end (vs. our 900K estimate). SBC is seeing greater demand for DSL than it is installing and has around 18MM customers capable of receiving DSL services (vs. 10MM at the end of 1999). Covad (COVD-$1-N, covered by J. Camp/S. Flynn) affirmed our estimates. We anticipated COVD's recently announced plans for DSL subs and modeled just over 10% of F2Q01, and 4% of C2001 sales. We maintain our Outperform rating. Our outlook is unchanged. F2Q01 sales and EPS should be around $153MM and $0.13 (vs. $26.4MM and ($0.12) in F2Q00). Other customers including ISPs, PTTs, and RBOCs should offset SBC.