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Technology Stocks : Texas Instruments - Good buy now or should we wait? -- Ignore unavailable to you. Want to Upgrade?

To: John Chen who wrote (2758)	1/8/1998 2:34:00 PM
From: SteveG	Read Replies (1) \| Respond to of 6180

Analysts make money when their analysis are accurate and therefore, customers follow their lead and give the firm their business. Occasionally on OTC stocks, a firm may take a position beyond matching orders. Also, some firms run seperate funds. I know of no Cowen stock funds and doubt they (as a firm, vs through their clients) own much if any TXN. Nor do I personally think they would benefit by changing a stock's rating for the "benefit" of any firm trading accounts. Their CUSTOMERS are their source of business. Most to all banking firms rely the low risk order taking business and margin lending, and would be working AGAINST their customers (and their credibility) buy taking firm trading positions and crying wolf to their "advantage". I know this is a perspective that floats around the newsgroups, but in all but small isolated cases, I personally don't buy it. I DO consider that when a firm changes a rating, they generate volatility and trading commissions, but their rating changes have to have some basis in reality. In my experience, Kurlak, Peck, Rajiv (formerly of Goldman, now with his own fund in NY) Whittington (formerly of Soundview, now with his own fund) are the semi guys to watch. SB's Barlage USED to be pretty good, but he got blind-sided several times and is WAY down on my list. And H&Q's Chaplinsky is also on my listen to list. Anyway, I respect the need to look at opinions and ratings carefully and in doing one's own due dilligence. Regards- Steve