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Technology Stocks : Comverse Technology -- Ignore unavailable to you. Want to Upgrade?

To: Kevin M. Reilly who wrote (586)	12/2/1998 3:05:00 PM
From: Beltropolis Boy	Read Replies (1) \| Respond to of 1331

Wednesday December 2, 1:13 pm Eastern Time Comverse shares rocket after strong Q3 NEW YORK, Dec 2 (Reuters) - Shares of Comverse Technology Inc. jumped on Wednesday after the voice mail services company posted stronger-than-expected third quarter earnings. The stock touched a new high of 63-3/4, up 5-3/4, before settling back at 62. Late Tuesday, Comverse posted earnings per share of $0.62 for the third quarter, handily beating Wall Street estimates of $0.57. The earnings were up 59 percent from the $0.39 per share earned in the same quarter in 1997. "The outlook appears very bright," Lehman Brothers said in brief research note, citing quarter-over-quarter backlog up $6 million to $155 million. At BancBoston Robertson Stephens, computer telephony analyst Victor Halpert raised his earnings estimates for Comverse. Halpert raised his 1998 earnings per share forecast to $2.30 from $2.23, and upped 1999 outlook to $2.77 from $2.63. He set a 12-month price target of $70 a share. He continues to rate the stock a ''buy.'' Piper Jaffray analyst Edward Jackson also made bullish comments on Comverse. He raised profit estimates for fiscal 1999 to $2.76 from $2.62. Jackson raised his price target on Comverse shares to $69 from $60.