Robertson Stephens Daily Growth Stock Update on MPPP, BEAS,


                         CACOA, MLS, NTAP, 
                  SCMR, WMT, AGEN, CWCI, IBI, RBAK, TGT, TJX 


  SAN FRANCISCO, Nov. 15 /PRNewswire/ -- The following is being issued by 
Robertson Stephens, a member of the National Association of Securities 
Dealers, CRD number 41271:  


      November 15, 2000 
      Initiation of Coverage 
      BarcoNet N.V.  (BARN.BR 13.14 Euros) 
    Buy 
    Nicklas Gustafsson, Manufacturing and Communications Industries Hardware 


"We believe that the European and Asian broadband communication markets 
are in the early stages of a long-term growth toward becoming true mass 
consumer markets," said Gustafsson. "Competition between operators, as well as 
between different broadband technologies on deregulated markets will, in our 
opinion, drive network operators to make substantial infrastructure 
investments in broadband technologies. We believe that BarcoNet is well 
positioned, with its extensive client relations, broad product and service 
offering and experienced management, to benefit from the large infrastructure 
investments European broadband operators are expected to make over the next 
couple of years."  


      Rating Changes 
      MP3.com, Inc.  (Nasdaq: MPPP) ($4.00) 
    Long-Term Attractive 
    Aleksandar Sasa Zorovic, Online Media Infrastructure 
    Lowell Singer, Next-Generation Internet eNablers 


"Mp3.com was ordered to pay statutory damages and attorneys fees to 
Universal Music Group (UMG) in the amount of $53.4 million," said Zorovic and 
Singer. "As Mp3.com does not intend to appeal the judgment, this now ends the 
lawsuit UMG brought against Mp3.com. Together with $53.2 Mp3.com paid for 
settling with the other four major labels, the total settlement in the amount 
of $106.6 million is significantly less than the $170 million figure the 
company set aside for that purpose originally. We are upgrading our rating on 
the company's stock to Long-Term Attractive from Market Performer.  The end of 
this lawsuit at terms that are not excessively damaging to the company, in our 
view, decreases the investment risk in MPPP considerably."  


      Estimate Changes 
      BEA Systems, Inc.  (Nasdaq: BEAS) ($70.94) 
    F2001 EPS: $0.24 from $0.22 
    F2002 EPS: $0.37 from $0.31 
    Buy 
    Alex Baluta, Internet & eCommerce Applications 
    Mark Perutz, eBusiness Infrastructure 


"BEA Systems  reported strong results yesterday for the third quarter 
fiscal 2001 with total revenues increasing 77% year-over-year," said Baluta 
and Perutz. "The company reported revenues of $224 million and an operating 
EPS of $0.07, surpassing our estimates of $207 million in revenue and EPS of 
$0.06.  It is our view that BEA continues to build momentum as the leading 
software infrastructure platform for e-business, and has now posted four 
consecutive quarters of over 75% year-over-year revenue growth. Leading with 
its WebLogic application servers, we believe BEA is solidifying its claim as 
the top vendor of a comprehensive eBusiness infrastructure platform.  The 
company is within reach of becoming the de facto standard platform for 
powering eBusiness, in our view. We reiterate our Buy rating."  


      Cato Corporation (The)  (Nasdaq: CACOA) ($12.13) 
    F2000 EPS: $1.51 from $1.49 
    F2001 EPS: $1.60, New 
    Long-Term Attractive 
    Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"Cato reported third quarter EPS increased 38.5% to $0.18 from $0.13 in 
the third quarter of 1999, $0.02 ahead of our $0.16 estimate," said 
Kloppenburg. "Tight cost control resulted in a better-than-expected SG&A ratio 
and generated the $0.02 earnings upside vs. our estimate. Due to the $0.02 
upside achieved in the quarter, we are raising our fiscal 2000 EPS estimate to 
$1.51 from $1.49. We are establishing a fiscal 2001 EPS estimate of $1.60. We 
believe our estimate is conservative, as it assumes 4.7% revenue growth and a 
flat operating margin of 9.1%. We expect the company to provide additional 
guidance on fiscal 2001 revenues and earnings within the next month. CACOA 
shares trade at 7.6 times our $1.60 fiscal 2001 EPS estimate, a significant 
discount to the company's long-term 15% projected secular growth rate. We 
believe CACOA shares should appreciate due to multiple expansion to an 11-12 
times range and due to likely additional upside to current earnings estimates. 
As such, we reiterate our $18 price target, implying 50% possible price 
appreciation for investors with a 12-18 month time horizon."  


      Letsbuyit.com  (LBC NM/1.48 Euros) 
    2000E EPS: (1.61) Euros from (1.57) Euros 
    2001E EPS: (0.96) Euros from (0.99) Euros 
    Buy 
    Derek Brown, European Internet & eCommerce 
    Michael Graham, Internet 


"On November 14, LetsBuyIt.com announced results for its fiscal third 
quarter ended September 30," said Brown and Graham. "We believe the company 
reported solid third quarter results, especially considering the seasonally 
weak third quarter period.  In addition, we believe the company's underlying 
fundamentals continue to improve, pointing to strong momentum as the company 
heads into the all important fourth quarter retail season. Overall business 
momentum remains strong, in our view. Member growth, buying members as a 
percent of total members and average value per unit sold all beat our 
estimates for the third quarter. We believe that these trends, combined with 
the company's launch of its Christmas shop today and emphasis on fulfillment 
in the current quarter point to a strong fourth quarter performance. Although 
the company does not have enough cash to reach profitabilty, we believe the 
company remains undervalued at these levels and we maintain our Buy rating."  


      Mills Corp. (NYSE: MLS) ($17.00) 
    2000 FFO: $2.66 from $2.68 
    2001 FFO: $2.95 from $2.96 
    Buy 
    Jay Leupp, REITs/REOCs/Real Estate Services 


"Mills Corporation (MLS) reported Q3:00 FFO of $0.66 per share, 
$0.01/share below our estimate.  We attribute the difference in reported 
earnings and our estimate to lower than expected earnings from unconsolidated 
joint ventures. We believe Mills' strength continues to be its healthy 
development pipeline. Currently, Mills has two properties under development. 
Arundel Mills, containing 1.3 million square feet and scheduled to open 
November 17, 2000, and Discover Mills, containing 1.2 million square feet and 
slated to open in 2001.  2002's development pipeline appears similarly 
extensive with three projects currently in the planning stage. We are revising 
our 2000 and 2001 FFO/share estimates of $2.68 and $2.96, to $2.66 and $2.95, 
respectively, to reflect third quarter results and our revised fourth quarter 
percentage rent estimate.  We reiterate our Buy rating.  Our 12-month price 
target is $19, or approximately 6.5 times our 2001 estimate of $2.95/share."  


      Network Appliance, Inc.  (Nasdaq: NTAP) ($96.25) 
    F2001 EPS: $0.42 from $0.40 
    F2002 EPS: $0.58 from $0.57 
    Buy 
    Dane Lewis, Network Storage Systems & Software 


"Network Appliance reported fiscal second quarter 2001 results in line 
with our estimates," said Lewis. "Revenues for the quarter increased 109% 
year-over-year and 13% sequentially to $260.8 million versus our estimate of 
$258.9 million.  Pro-forma EPS for the quarter was $0.10, in line with our 
estimate. While revenue growth was impressive, the company reported less 
upside than it has historically shown. NTAP's caching business rebounded this 
quarter, bringing in $20 million in revenues vs. $10 million last quarter. 
The company has stated its intent to continue focusing on increasing caching 
as a percentage of revenues. We are raising our estimates for the fiscal third 
quarter of 2001, fiscal 2001, and fiscal 2002.  In our view, the company can 
continue to grow at 100% year-over-year for the rest of the fiscal year, but 
believe the law of big numbers is catching up with it.  We will revisit next 
year's estimates at a later date once we see how the NTAP performs once new 
competitors enter the market."  


      Sycamore Networks, Inc.  (Nasdaq: SCMR) ($64.44) 
    F2001 EPS: $0.23 from $0.22 
    F2002 EPS: $0.37 from $0.35 
    Buy 
    Paul Johnson, Communications/Networking 


"Sycamore reported what we believe to be impressive fiscal first quarter 
results above our forecasts for revenues and earnings," said Johnson. 
"Revenues of $120.4 million and pro forma EPS of $0.05 exceeded our and Street 
estimates of $104.0 million and $0.04, respectively. Sequential revenue growth 
during the quarter was driven by continued strong acceptance of the company's 
products at Williams Communications, as well as two unnamed '10% customers' in 
the quarter. As a direct consequence of the strong financial performance 
during the quarter, we are raising our estimates for fiscal 2001 and 2002.  We 
believe our estimates continue to be conservative. We are reiterating our Buy 
rating on the stock."  


      Wal-Mart Stores, Inc. (NYSE: WMT) ($46.88) 
    F2000 EPS: $1.43 from $1.44 
    Long-Term Attractive 
    Bill Dreher, Broadline Retailing/Discount & Department Stores 
    Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"Wal-Mart reported third quarter 2000 EPS of $0.31 versus $0.29, which was 
in line with our $0.31 estimate and the Street expectations of $0.31," said 
Dreher and Kloppenburg. "This represents a 5.5% increase in EPS, well below 
the company's long-term earnings growth rate of 15% and the EPS increases of 
approximately 27% and 29% enjoyed in fiscal 1998 and fiscal 1999, 
respectively. It appears to us that Wal-Mart management is appropriately 
adjusting to the more moderate consumer spending environment and clamping down 
on inventory and expense controls.  Given that Wal-Mart benefits from the 
broadline retailing industry's most comprehensive sales database and 
forecasting systems, we are very comfortable with our modestly revised 
estimates.  Wal-Mart shares remain rated Long-Term Attractive due to what we 
view as limited upside potential from multiple expansion. Our conclusion on 
Wal-Mart is that while the company has very strong fundamentals, we believe 
that the shares could continue to experience a choppy trading pattern until 
the macroeconomic picture stabilizes. Thus, despite our tremendous respect for 
Wal-Mart's management and the company's strong prospects, we are maintaining 
our Long-Term Attractive rating, based on a decelerating earnings growth rate, 
our forecast for limited upside potential to earnings, as well as the shares' 
premium valuation in a stock market that is less receptive to investments in 
the retailing sector."  


      Comments 
      Antigenics Inc.  (Nasdaq: AGEN) ($13.94) 
    Buy 
    Michael King, Jr., Biopharmaceuticals 


"Yesterday, Antigenics won a patent infringement case in Europe against 
Stressgen Biotechnologies," said King. "The European Patent Office ruled that 
Stressgen's patent to use heat shock proteins (hsp) in therapies for cancer 
and infectious diseases was invalid. This ruling follows a similar preliminary 
ruling two years ago from the EPO. AGEN has similar patents in the United 
States. AGEN currently is the only company to hold patents in the field of 
heat shock proteins. We view this patent victory as a major validation of the 
company's patents in the U.S. and abroad. Stressgen has a heat shock protein 
product, HspE7, in Phase II and Phase III clinical development for the 
treatment of HPV and genital herpes. The company plans to continue these 
trials. Oncophage(R), AGEN's lead product, is now in nine separate trials for 
seven different cancers. The most advanced is a Phase III trial for the 
treatment of renal cell carcinoma. AGEN is conducting eight Phase I/II trials 
in six different cancers. With the recent acquisition of Aquila and the likely 
filing of an IND in the fourth quarter of 2000 of a heat shock protein 
treatment for herpes simplex virus, AGEN is beginning to expand its product 
portfolio beyond cancer. With over $4 per share in cash and a growing product 
pipeline, we feel AGEN represents a compelling value in today's market. We 
reiterate our Buy rating."  


      Crosswave Communications, Inc.  (Nasdaq: CWCI) ($8.75) 
    Buy 
    Jim Friedland, Telecom Services 


"Crosswave  reported fiscal second quarter 2001 revenues of Y529.9 
million, up 71% from fiscal first quarter 2001, exceeding estimates," said 
Friedland. "EBITDA losses for the quarter increased to (Y2,276.0) million 
(($21.1) million), from FY Q1:01 losses of (Y1,989) million (($18.8) million). 
The company's network rollout is on track. Crosswave already has 3,700 route 
miles of operational backbone using leased dark fiber from KDDI (Phase I) and 
has started to deploy  4,010 route miles using a conduit obtained from the 
Ministry of Construction. During the quarter, the company's customer base 
increased to 50, up from 38 in the previous quarter.  The customer base 
consisted of 33 corporations and 17 telecom carriers. Crosswave is building 
59,600 square meters (641,529 square feet) in data space in Japan - more than 
any other next-generation telecom operator. Crosswave had Y33,719 million 
($312.5 million) in cash at September 30, 2000. We estimate that the company 
is funded through 2001. We are maintaining our Buy rating."  


      Intimate Brands, Inc. (NYSE: IBI) ($22.81) 
    Buy 
    Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"Intimate Brands reported third quarter 2000 EPS increased 14.5% to $0.09, 
in line with our $0.09 estimate," said Kloppenburg.  "As previously announced, 
total sales in the third quarter rose 13.6% to $925.1 million versus $814 
million in the third quarter of 1999, driven by a 6% comp-store gain and an 
11% increase in selling square footage. The quarter's 6% comp-store sales gain 
exceeded our initial forecast for a 5% comp increase. IBI shares trade at only 
18.2 times our fiscal 2001 EPS estimate of $1.25, a 28% discount to the 
company's 20% secular growth rate. We believe our fiscal 2001 EPS estimate of 
$1.25, which represents 15.4% EPS growth, could prove highly conservative and 
believe the company will continue to benefit from upwardly revised earnings 
estimates in fiscal 2001. As such, we remain confident in our Buy rating and 
recommend purchase of shares."  


      Redback Networks Inc.  (Nasdaq: RBAK) ($70.06) 
    Buy 
    Paul Johnson, Communications/Networking 
    Ara Mizrakjian, Communications/Networking 


"In light of the recent weakness in the shares of Redback, we thought it 
helpful to explore the company's historical valuation," said Johnson and 
Mizrakjian. "We believe that the following analysis renders the current 
situation as particularly appealing to investors and, as such, we believe the 
stock represents an attractive buying opportunity. We believe Redback is 
trading at a significant discount to their closest peers in the Next 
Generation IP and Optics arenas.  The price to revenue multiples of their 
closest peers among the next-generation IP companies and the leading next 
generation optical vendors are more than double that of Redback's.  In our 
opinion, this will change as Redback's optical business grows and as they 
increase their already "gorilla-esque" market share in the next generation IP 
arena.  Redback filed its third quarter 10-Q statement this week.  In the 
filing, the company stated that it had sold $5.4 million in receivables in the 
most recent quarter.  We believe that this sale consisted of a single 
receivable from a single customer - a large name brand carrier.  Although we 
are not one for passively accepting growth in receivables from quarter to 
quarter and we would have preferred management to disclose the issue on the 
conference call with analysts, this event seems relatively innocent to us. 
Time will tell if this is a foreshadowing of more difficult business 
conditions, although we doubt it. We are reiterating our Buy rating on Redback 
Networks."  


      Target Corporation (NYSE: TGT) ($28.38) 
    Long-Term Attractive 
    Bill Dreher, Broadline Retailing/Discount & Department Stores 
    Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


  "Target reported third quarter earnings per share fell -8.4% to $0.24, two 
cents below the $0.26 EPS result of last year," said Dreher and Kloppenburg. 
"This performance was in line with our $0.24 estimate and a penny above the 
Street consensus expectations of $0.23. We continue to be concerned with the 
company's strong deceleration in operating momentum.  Dissimilar to other Wall 
Street analysts and management guidance, we do not believe Target's current 
issues are a one-quarter phenomenon.  We do not expect sales trends to quickly 
rebound.  We are concerned that the softening of consumer spending, which is 
particularly pronounced in the Midwestern portion of the country, and is 
compounded by an across-the-board fashion miss, which we believe affects 
Target's modern lifestyle merchandising more than any other discount store, 
will lead to continued deceleration of operating trends.  We continue to 
believe fourth quarter Street consensus EPS estimates are overly optimistic 
and will need to continue to come down from the current consensus estimate of 
$0.62, towards our $0.56 estimate, which is flat with last year's $0.56 
performance. We are maintaining our LTA rating on TGT shares."  


      TJX Companies, Inc. (NYSE: TJX) ($28.13) 
    Long-Term Attractive 
    Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers 


"During yesterday's call, management surprised the Street by lowering comp 
guidance for November to 1% from 3%," said Kloppenburg. "Comps month to date 
are flat, given a weakness in Kids and Dresses and TJX is now projecting 
fourth quarter 2000 EPS of $0.50, $0.03 below our previous $0.53 estimate and 
versus $0.44 last year.  This represents 13.6% EPS growth which we note is 
below the company's long-term projected growth rate of 15%.  This short-term 
slowdown in sales and projected EPS growth in tandem with what we believe are 
growing pains for TJX as well as the company being vulnerable to an 
increasingly promotional retailing environment caused us to decrease our 
rating to Long-Term Attractive from Buy. The fourth quarter revisions caused 
us to decrease our fiscal 2000 by $0.02 and our fiscal 2001 estimates by 
$0.03, and thus we are projecting EPS of $1.88 in fiscal 2000 and $2.12 in 
fiscal 2001.  We note that our fiscal 2001 remains below consensus; however, 
we remain cautious given the promotional retailing environment. With the stock 
trading at a multiple closer to our projected EPS growth rate for the fourth 
quarter of 2000 and fiscal 2001, we would look for signs of an increase in 
sales and EPS growth, before becoming more aggressive on the stock."  
  Unless otherwise noted, prices are as of Tuesday, November 14, 2000  
  Robertson Stephens maintains a market in the shares of MP3.com, BEA 
Systems, Cato Corp., Network Appliance, Sycamore Networks, Antigenics, 
Crosswave Communications, and Redback Networks and has been a managing or 
comanaging underwriter for or has privately placed securities of MP3.com, BEA 
Systems, Barconet NV, Letsbuyit.com, Sycamore Networks, Antigenics, Crosswave 
Communications, and Redback Networks within the past three years.  
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SOURCE  Robertson Stephens  


    -0-                             11/15/2000 
    /CONTACT: Elizabeth Denton at 212-407-0470, for Robertson Stephens/ 
    /Web site:  http://www.rsco.com/ 


(FBF MPPP BEAS CACOA MLS NTAP SCMR WMT AGEN CWCI IBI RBAK TGT TJX)  
CO:  Robertson Stephens; MP3.com, Inc.; BEA Systems, Inc.; Cato Corporation;  


     Mills Corp.; Network Appliance, Inc.; Sycamore Networks, Inc.; Wal-Mart 
     Stores, Inc.; Antigenics Inc.; Crosswave Communications, Inc.; Intimate 
     Brands, Inc.; Redback Networks Inc.; Target Corporation; TJX Companies, 


 Inc.; Fleet Specialist, Inc. 
ST:  California 
IN:  FIN 
SU:  RTG  
-0- Nov/15/2000 16:25 GMT
 
 
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