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To: aniela who wrote (50337)	1/5/2004 10:28:49 PM
From: UC Slug	Respond to of 53068

MACR: S&P Says Buy Macromedia Also: analysts' opinions on Open Text and Lilly Macromedia (MACR ) and Open Text (OTEX ): Reiterates 5 STARS (buy) Analyst: Scott Kessler Given S&P's forecasts for greater corporate technology and advertising spending in 2004, one theme that S&P has focused on is content and its creation, dissemination, management, and storage. S&P thinks Macromedia is a well-positioned developer of content creation and deployment software. The shares trade well below S&P's discounted cash-flow derived 12-month target price of $23. Open Text has been gaining market share in the enterprise content management segment and S&P expects it to benefit from recent and pending acquisitions. S&P's 12-month target price for Open Text, based upon relative and intrinsic analyses, is $26. Slug