To: Sir Auric Goldfinger who wrote (7597 ) 3/13/2001 10:04:38 AM From: Sir Auric Goldfinger Read Replies (1) | Respond to of 19428 The case agasint POSO continues, LTRE lowered by Piper due to "lack of visibility in the sector: " Rating Changes Learning Tree International, Inc. (#) (LTRE - 30 1/16) Buy; EPS 01E $1.90, 02E $2.25; Mkt Cap $685.4M; Avg Vol 210,340; Target $50 (25.1x CY01 EPS of $1.99) Lowering Opinion From Strong Buy To Buy Based On Reduced Visibility On The Demand For IT Training Due To The Slowing Economy; Lowering Price Target From $75 To $50 Mark A. Marostica, 612-303-5572 or mmarostica@pjc.com Estimate Changes Handspring, Inc. (#@) (HAND - 21) Strong Buy; EPS 01E ($0.27), 02E $0.08; Mkt Cap $3,168.9M; Avg Vol 1,488.2 (000s); Target $55 (11x FY02 Sales) Handspring Introduces The Visor Edge; The Company's New Product Promises To Be Everything The Palm V Is And Then Some; The New Visor Boasts 8MB Of RAM And A 33 MHz Processor; The Company Also Announces Availability Of Visor Products In Two New International Markets - Australia And New Zealand; Given Current Market Conditions, We Are Reducing Our Price Target From $110 To $55; Price Target Is In Line With Handspring's Comp Group; Although Macro Economic Softness Probably Mitigates Upside Opportunity, We Remain Comfortable With Our Revenue Target Of $120.0 Million And EPS Of ($0.06); We Reiterate Our Strong Buy Rating On Handspring Samuel S. May, 650-838-1383 or smay@pjc.com Initiating Coverage None Other Comments Angiotech Pharmaceuticals, Inc. (#@) (ANPI- $44.00) Buy; EPS 01E ($0.67), 02E $0.48; Mkt Cap $671.1M; Avg Vol 21,810; Target $65 (DCF Analysis of Stent and MS Opportunities) Angiotech And Cook Inc. Jointly Announce Cook's Receipt Of FDA Approval To Begin A U.S. Study Of Its Paclitaxel-Coated Stent. Although There Are No Financial Payments Attached, This Is A Major Milestone For ANPI's Stent Program. Details For The Domestic Studies Aren't Yet Locked Down, But Cook Is Positioned For A Late '03 Approval In The U.S. If The Company Has Smooth Sailing Both In The Clinic And With The FDA. We Are Not Altering Our Model At This Time, And We Maintain Our Buy Rating. Arch C. Smith, 612-303-6263 or asmith@pjc.com The CIT Group, Inc. (#) (CIT - 22.75) Neutral; EPS 01E $2.55; Mkt Cap $6.0B; Avg Vol 669,000; 01 PE/Growth 71% CIT To Be Acquired By Tyco International For $35.02 Per Share Michael J. Grondahl, 612-303-5536 or mgrondahl@pjc.com EGL, Inc. (#) (EAGL - 23 5/8) Strong Buy; EPS 01E $1.60, 02E $1.94; Mkt Cap $1,134M; Avg Vol 127,000; 01 PE/Growth 0.66x; Target $38 (19.5x 2002 EPS of $1.94) EGL Management Comfortable With $1.60-$1.70 2001 EPS; Positive Outlook As Merger Synergies Should Soon Begin To Take Effect; Maintaining Our 2001 And 2002 EPS Estimate Of $1.60 And $1.94, Respectively; Maintaining Strong Buy With 12-Month Price Target Of $38 Stephen Jacobs, 612-303-6432 or sjacobs02@pjc.com Specialty Finance Update - FNF-#@, FAF-# FNF and FAF Stock Performance Highly Correlated To 10-Year Treasury Yields Michael J. Grondahl, 612-303-5536 or mgrondahl@pjc.com Some or all of the following hedges may pertain: (#)U.S. Bancorp Piper Jaffray Inc. makes a market in the company's securities. (~)A U.S. Bancorp Piper Jaffray Inc. officer, director, or other employee is a director and/or officer of the company. (@)Within the past three years, U.S. Bancorp Piper Jaffray Inc. was managing underwriter of an offering of, or dealer manager of a tender offer for, the company's securities or securities of an affiliate. Additional information is available upon request. Not FDIC Insured No Bank Guarantee May Lose Value This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this publication may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may own the securities mentioned and may purchase or sell those securities in the open market or otherwise. In the United Kingdom, this report may only be distributed or passed on to persons of the kind described in Article 11(3) of the Financial Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended by the Financial Services Act 1986 (Investment Advertisements) (exemptions) Order 1997).