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Technology Stocks : INPR - Inprise to Borland (BORL) -- Ignore unavailable to you. Want to Upgrade?

To: TTOSBT who wrote (5080)	1/18/2001 12:12:46 PM
From: Pronect	Read Replies (1) \| Respond to of 5102

UP DATE UP GRADE. Regards p INPRISE CORP UPDATE REITERATE STRONG BUY $15 12 MONTH TARGET PRICE; STARTING TO SHOW MOMENTUM Inprise [NASDAQ: INPR--$7.75: STRONG BUY] is beginning to show some important sales and product momentum, we believe, with a number of important events coming up for the company over the next 6-8 weeks. In addition, the stock has traded up about 75% from severely oversold levels at the end of December 2000. Inprise will announce its calendar 2000 year and 4th quarter numbers on January 25th with a conference call during market. We expect a flattish sequential quarter, of about $48.5 million in revenue, up marginally from $47.56 in September. Earnings should come in around $0.12 about flat with third quarter. The quarter will be flat because Inprise is just beginning its new product rollout and a mix shift in revenue is ongoing with the older products rolling off and the newer products rolling into revenue. It released JBuilder 4.0 for Java development about 5 weeks ago, and it is selling well, we believe. In addition, this product has won an award recently from PC magazine as one of the best Java tools on the market. We expect a steady flow of news and product releases throughout the year, beginning in late February/early March with the release of Kylex, the industry's first RAD tool for Linux application development and deployment. Kylex may be shown in final beta version at the late January Linux trade show in NY at the Javits center (we will organize a little demo for clients). The product has already won awards before release for its excellence, and Inprise has received over 20,000 orders from developers eager to begin writing for the Linux market. This type of activity prior to release is highly unusual, we believe, and signifies enormous interest amongst the developer community in this tool. We believe Linux hardware (servers, predominately) has over 30% share of the server market so far and is rapidly gaining. The problem is there is no software specifically written for the Linux O/S and no tools with which to compile code. Inprise will have the market to itself. At $300 per copy, selling to its installed base of 3 million developers using its platform tools for development and deployment on Windows, NT, Java, MAC, etc., we think this and follow on products for Linux could be extremely significant. Inprise is also the subject of the "Inside Wall Street" column in this week's Business Week. Inprise also announced it signed a multimillion dollar contract with Norway's largest banking group in which it will use Inprise/Borland tools to build the core infrastructure of its internet banking service serving over 100,000 customers DNB selected Borland Visibroker and Gatekeeper to provide infrastructure to its internet services and Borland JBuilder to develop Java applet clients for the banking application, which will process over 20,000 transactions per hour. Inprise is targeting banking and financial institutions, especially in Europe. In March, Borland will bring out a major upgrade to its Delphi C++ development tool, the first such upgrade in 18 months. Throughout the year we expect more upgrades and new products to follow for the current platforms and new platforms, such as Linux. We also expect the company to launch its Developer Software Portal (DSP) in January and develop several software distribution, maintenance and collaboration revenue streams there. By late 2001 we expect Borland to enter the wireless application tool development market with WAP tools to provide the intelligent software for 3G handsets to tie back to the enterprise in order to function as mobile computers in transmitting and receiving broadband communications files. Finally, we remind investors that Inprise will change its name and ticker back to Borland (brand equity) under the ticker "BORL" on or about January 22, 2001. REITERATE STRONG BUY $15 12 MONTH TARGET PRICE. Freimark Blair & Company Small Cap Research Audrey Snell - asnell@freimark.com Chang Qiu - cqiu@freimark.com Richard Farr - rfarr@freimark.com