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To: Mark Fowler who wrote (114840)	1/9/2001 12:25:15 PM
From: H James Morris	Respond to of 164685

Mark, if you have lots of $cash... I like nuan in here at 31-32. Back in today for the first time since last year. I like Spwx here too, but will wait until next lock up which hits at the end of this month. >SAN FRANCISCO, Jan. 9 /PRNewswire/ -- The following is being issued by Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271: Initiation of Coverage: Nuance Communications, Inc. (Nasdaq: NUAN) ($29.50) Buy Marianne Wolk, Wireless Data/eCommunications The market for voice solutions including infrastructure, applications and services is estimated near $1B today and forecasted to reach $5-10B worldwide by 2005," said Wolk. "We expect Nuance to lead this market, along with a handful of competitors such as SpeechWorks and Philips. We are initiating coverage of Nuance with a Buy rating. We forecast Nuance will achieve average annual growth of at least 50% over the next three years. We expect decreasing losses in 2001 to result in a ($0.23) EPS versus our ($0.65) EPS estimate in 2000. Breakeven should occur in the first quarter of 2002, which should lead to full year 2002 EPS of $0.16. At $29.50, the stock is trading at about 56x our C03 EPS forecast of $0.53, 11x our 2001 and 8x our 2002 revenue projections. Our recommendation is only oriented toward longer-term investors interested in a pure play on the spectacular long-term opportunity presented by the voice market. We believe Nuance is well-positioned to join a handful of competitors to dominate this market, capturing 70-85% share."