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To: J Fieb who wrote (3480)	6/22/2001 1:18:49 AM
From: The Ox	Read Replies (2) \| Respond to of 4808

witcapital.com Full PDF at above link. SUMMARY: Emcore: Upgrading from Buy to Strong Buy We are raising our rating on EMCORE to a strong buy based upon the solid fundamentals of their various product lines. We believe they made our June quarter numbers and will not lower top-line guidance going forward. We also believe the joint venture losses below the operating line will subside in the C1Q02 quarter and allow the operating line performance to flow down to earnings. We would focus on the top and operating income lines as true indicators of the company's performance rather than the EPS line until next year. Six sequential record revenue quarters in a market where almost all other companies in this sector have preannounced lower guidance. EMKR positioned at Motorola Phoenix for almost all products using HBT, PHEMTs, and E-MOD in wireless handsets. EMKR VCSEL products are gaining wide acceptance in very short reach optical products, which bring the full bandwidth of the core optical backbone closer to the edge. EMKR MOCVD capital equipment business is flat to slightly down with a book-to-bill of just slightly less than one, but other products will make up for the revenue difference. Overall, the EMKR product lines show continued strength and growth in a very tough market. We are comfortable with our top-line estimates for the current June quarter, F01 and F02. We are raising EMKR to a strong buy rating and increasing our price target to $55, which is based upon our long-term valuation matrix.

To: J Fieb who wrote (3480)	6/24/2001 8:55:18 PM
From: pprobinson	Respond to of 4808

J.Fieb. How many company CEO's would speak at a conference such as this five days before the close of the quarter, unless they are on target to make their numbers? biz.yahoo.com Perhaps I'm reading too much into Jack McDonald's appearance, but I would assume that he wouldn't put himself in a position where he might have to confess an earnings shortfall at an investment conference (where undoubtedly the question of "How's business?" will arise). Perhaps Mcdata won't have an upward earnings surprise in Q2 like EMKR, but I am very hopeful for future quarters as the economy picks up.