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Technology Stocks : BAY Ntwks (under House) -- Ignore unavailable to you. Want to Upgrade?

To: WiseGuy who wrote (2880)	11/24/1997 1:34:00 PM
From: Jurgen	Respond to of 6980

BAY Upgrade: details TheStreet.com midday musings 11/24/97 12:33 PM E: The networking sector was typical of tech groups, with just about all of its components on the downside: Cisco (CSCO:Nasdaq), 3Com (COMS:Nasdaq), Ascend (ASND:Nasdaq), Fore Systems (FORE:Nasdaq) and on and on. So what's Bay Networks (BAY:NYSE) doing with a gain of 1 3/8, or 4.7%, to 30 7/16? BancAmerica Robertson Stephens upped Bay to buy from long-term accumulate and raised fiscal 1998 and 1999 earnings estimates. The firm lifted its 1998 expectation to $1.11 per share from $1.06 and moved the 1999 view to $1.65 from $1.50, compared with 59 cents in 1997. The 28-analyst First Call consensus estimate for 1998 is $1.11 and the 24-analyst call on 1999 is $1.60. "Bay's accounts receivable have dropped by roughly 15 days in the last two quarters and currently stand at 37 days -- 10 to 20 days below industry average," Robby Stephens analyst Paul Johnson said in a research note. "Management's visibility for the December quarter has never been higher. ... [T]he company, we believe, has the highest probability of exceeding expectations of any of the companies we follow." The firm has no underwriting relationship with Bay.