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To: Bill Tholen who wrote (309)	11/6/1997 12:31:00 AM
From: jeffbas	Respond to of 1250

I believe Ascend is doing less business with them, but not necessarily making a strategic shift. Cascade used to be a more than 10% customer but, from the conference call, don't think is now. If I could be certain that the company is really going to make $1.41 next year, it is - not - priced correctly now!! The price it would be at a year from now is too far above the current price. That is Paul's point of view. However, you are dead right that constant analyst revisions downward make the posted numbers "unbankable" for most investors. (Analysts have access to the company and the revisions may well reflect guidance downward.)