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To: SecularBull who wrote (6174)	2/7/2001 4:28:03 PM
From: Normandi	Respond to of 10934

LoF NTAP management is not going to be the people tickled with NTAP meeting the numbers. We are in good company. I hope we hear a favorable outlook for the rest of the year. Cheers ~Norm

To: SecularBull who wrote (6174)	2/7/2001 4:48:53 PM
From: Bob Kim	Read Replies (1) \| Respond to of 10934

No one seems to have noticed that Merrill called BS on the analyst that warned. I got the impression that the ML analyst only suggested he didn't share the same concerns as the CSFB analyst. But why is ML's view necessarily relevant at this point? The NTAP analyst's track record has been pretty bad at ML. You would be down 20% or more YTD if you owned a portfolio of his Buy-rated stocks. His Neutral-rated stocks are up 20%. The analyst has pretty much been mute on the topic of valuation -- no mention of the $185 price target when at the same time, he recently reiterated his $130 price target for EMC and doubled BRCD's from $125 to $250. I don't expect NTAP to miss. They may even say better than expected things about the outlook, but I think that regardless of how positive they are, even the ML analyst is going to pull out some "reality check" type comment. This morning, ML still had AETH at a Buy rating, but by this afternoon, it was cut to Neutral. AETH had a $350 price target until this afternoon. I doubt NTAP's rating is at risk, but I certainly think its price target is likely to be lowered to below the $130 level at which the ML analyst recommended purchase.