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To: larry pollock who wrote (3564)	7/24/2001 6:44:29 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 3891

If it does, I'll buy yet a few more of those 2003 leaps:~) These things are CHEAP compared to others I've been buying. Steve

To: larry pollock who wrote (3564)	7/25/2001 10:57:40 AM
From: larry pollock	Read Replies (1) \| Respond to of 3891

RESEAECH ALERT-Lehman raises Lucent to strong buy NEW YORK, July 25 (Reuters) - Lehman Brothers analyst Steve Levy on Wednesday raised his rating on telecommunications equipment giant Lucent Technologies Inc. (NYSE:LU - news) to strong buy from neutral, citing a belief the company will continue improving its balance sheet. Levy, in a research report, raised fiscal 2002 earnings estimates for the Murray Hill, N.J.-based company to 33 cents a share from 20 cents. He said further upside is possible as he did not count all of the operating expense savings the company has estimated it will achieve. He cut his sales estimate for the year to $25.8 billion from $29.1 billion. Levy set an 18-month price target for Lucent's stock of $18. Lucent shares were up 42 cents, or 6.5 percent, at $6.84 in morning trade on the New York Stock Exchange. While he said his rating switch may be early, based on existing risks, the key to longer-term appreciation of Lucent shares is continued improvement on the balance sheet that should lead to significant operating margin expansion in fiscal year 2003. Levy said there is still significant risk of income statement stumbles in the next few quarters because of a tough macro-environment in telecommunications. He said positive catalysts for the shares might not become evident in the near-term.