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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: StocksMan who wrote (19846)	10/21/2002 8:50:08 AM
From: AugustWest	Read Replies (2) \| Respond to of 20297

Kick 'em when they're up Kick 'em when they're down Kick 'em all around.... (REUTERS) RESEARCH ALERT-Deutsche Banc cuts CheckFree to "sell" RESEARCH ALERT-Deutsche Banc cuts CheckFree to "sell" NEW YORK, Oct 21 (Reuters) - Deutsche Banc Securities on Monday said it cut its rating on CheckFree Corp. <CKFR.O> to "sell" from "hold," saying the stock is overvalued and the company's latest annual report raised a number of unanswered questions. CheckFree's 2002 annual report "provides more disclosure than any previous filing. While we are pleased by the additional transparency, the 10-K raised a number of questions that CKFR's management has declined to address," analyst Richard Zandi wrote in a report. Among those questions, Zandi asked how many top 10 banks use CheckFree's outsourcing services, what CheckFree's online bill payer churn rate is, and why the company reduced its reserve for returns and chargebacks. Zandi said CheckFree's stock, which closed at $15.70 on Friday in Nasdaq trading, is currently trading at 27 times Zandi's earnings estimate, and is too expensive relative to its peers. Zandi has a price target of $9.50 on the stock. ((Lauren Weber, New York Equities Newsdesk, 646-223-6000)) REUTERS * end of story *