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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: james m. schultz who wrote (1580)	1/22/1999 12:13:00 PM
From: Benny Baga	Read Replies (3) \| Respond to of 20297

The Legg report isn't on-line, a good friend faxed it to me. Best I can give you is quick summary.. We are downgrading the shares of CF to Outperform from Buy and removing the stock from the Analyst's Select list. Our downgrade is based on strong price appreciation. We believe fundamentals remain intact. We continue to believe that CF will be a significant beneficiary of the emergence of online banking. We look for strong earnings and revenue over the next several years. While shares have been strong recently we believe investor recognition of the company's dominate position in the bill payment and presentment market could push the shares higher. CheckFree stock still trades at a discount on a price-to-revenues basis against financial Internet Solutions providers like S1, CyberCash, and BroadVision. While CKFR remains attractive opportunity in the electronic commerce space, we believe the shares 35% run-up, since the beginning of the year, changes the risk reward profile and warrants an Outperform rating at this time. With 75% share of the market at present and relatively little advancement by the company's competitors, including Transpoint, CheckFree will, in our opinion, benefit greatly from the general acceptance and emergence of EBPP.