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To: DebtBomb who wrote (23088)	5/16/2001 8:28:05 AM
From: ColtonGang	Respond to of 37746

WR Hambrecht + Co Initiates Coverage of Siebel Systems (SEBL) With a Buy Rating and a Price Target of $60 SAN FRANCISCO, May 16 /PRNewswire/ -- WR Hambrecht + Co today initiated research coverage on Siebel Systems (Nasdaq: SEBL - news) with a Buy rating and a price target of $60. WR Hambrecht's Business Applications analyst Rich Petersen cites Siebel's leverage in the customer relationship management (CRM) software market, market position and discounted relative valuation as key reasons for the recommendations. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com. ``We're optimistic about Siebel's growth prospects and find its valuation compelling,'' Petersen said. ``The CRM applications market is expected to grow roughly 40 percent faster than the business applications software market. And Siebel's focus on CRM gives it an inherent competitive advantage over many other software companies.'' He also noted Siebel could enjoy share gains as the CRM market consolidates, leveraging the company's already rapid growth. Petersen continued, ``An emerging theme in the Siebel story is the Employee Relationship Management (ERM) software market. We think Siebel's efforts to develop an ERM product that aggregates data from multiple sources within an enterprise ... provides a huge up-sell opportunity into an installed customer base.'' He concluded by noting that while near-term economic conditions pose a problem to all software companies, Siebel is well positioned once companies resume technology spending, which Petersen targets as early 2002. WR Hambrecht + Co estimates Siebel will earn $0.58 per share on revenues $2.3 billion in 2001 up from $0.49 EPS on $1.8 billion in 2000. Siebel Systems, Inc. is a provider of eBusiness applications. Siebel eBusiness Applications enable organizations to sell to, market to, and service their customers across multiple channels, including the Web, call centers, resellers, retail, and dealer networks.