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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: MangoBoy who wrote (24)	4/14/1999 8:43:00 PM
From: SteveG	Read Replies (1) \| Respond to of 1860

Do you remember a Dan Zito/Legg Mason report (posted on the WCII thread > 6 months back) in which Zito justified his TGNT bias in part due to TGNT's purported one-vendor approach? Fwiw, Zito currently has a #1 rating on TGNT with a previous price target of $48 (currently $55, recently traded $68) and a #2 rating on WCII with a previous target of $52 (currently $47, recently traded $54). Think if the circumstances were reversed (WCII being far ahead of his current projection vs TGNT still being under) he would downgrade WCII? Think he'll downgrade TGNT? <g>

To: MangoBoy who wrote (24)	4/14/1999 8:50:00 PM
From: SteveG	Read Replies (1) \| Respond to of 1860

ARTT: First International Network Slated For May 1999 Deployment Bankers Trust Research/BT Alex. Brown Research Bo Fifer April 14, 1999 --------------------------------------------------------------------------- ADVANCED RADIO TELECOM CORP. [ARTT] "BUY" First International Network Slated For May 1999 Deployment --------------------------------------------------------------------------- Date: 04/14/1999 EPS 1998A 1999E 2000E Price: 13.25 1Q (0.50) (0.76) NE 52-Wk Range: 16 - 2 2Q (0.42) (0.77) NE Ann Dividend: 0.0 3Q (0.56) (0.79) NE Ann Div Yld: 0.00% 4Q (0.57) (0.82) NE Mkt Cap (mm): 389 FY(Dec.) (2.06)A (3.14) (3.94) 3-Yr Growth: FY P/EPS NM NM NM CY EPS (2.06) (3.14) (3.94) Est. Changed No CY P/EPS NM NM NM --------------------------------------------------------------------------- HIGHLIGHTS: -- Advanced Radio Telecom (ART) announced plans this morning (14-Apr) to construct its first international network in Norway beginning next month. -- POSITIVE NEW NEWS: First and foremost, we have a hard time believing management would be moving forward with international plans without a high degree of confidence that it would be successful in attracting much-needed strategic capital. The company expects to begin offering beta services next month (May 1999) with a focus on high-speed Internet access services targeted at small to medium sized businesses. The point-to-multipoint (PMP) network is being supplied by Netro (through Lucent) on ART's 26 GHz license (we note that 26 GHz is a mature frequency in Europe and does NOT imply wide scale deployment of PMP technology in the U.S. yet). -- NEGATIVE NEW NEWS: None, based on the Company's prior statement that it is making progress in its discussions with strategic investors. -- NET-NET: We do not believe that the demand for high speed data access is confined to the United States. The ATM-based networks that ART (and WinStar) are constructing overseas are relatively low-cost and high-speed, and should help the company tap into the demand for greater resources in the last mile. -- VALUATION: Our 12-month price objective for ARTT, based on our 10-year DCF using a 10x terminal multiple and a 25% equity discount rate to reflect the imminent need for financing, is $14/share. Our standard 20% discount rate, which we would apply, all else being equal, if ART can solve its financial question marks, implies a 12-month objective of $20/share. Maintain our "buy (2)" investment rating on the shares.