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Robertson Stephens Daily Growth Stock Update on OSIP PPRO AFCI

                           BSYS                         CRNT CHH ELNT GENZ JNY MRCH OPLK      SAN FRANCISCO, Feb. 13 /PRNewswire/ -- The following has been issued by  Robertson Stephens:           Estimate Changes:        OSI Pharmaceuticals, Inc.      (Nasdaq: OSIP) $54.63      Strong Buy      F2002E EPS: ($0.89), New        Michael King, Biopharmaceuticals      "OSI's stock has reacted negatively over the past several days to concerns      about upcoming data for OSI-774, an EGF receptor inhibitor, in the      treatment of ovarian cancer," said King.  "We view the slide as an over-      reaction and believe the company will present positive data for the      compound at the upcoming ASCO meeting in May. We believe this small      molecule represents a potential blockbuster compound aimed at a target      that may change the treatment paradigm for a number of cancers. We would      be buyers on the recent weakness of stock and believe OSI should be a core      holding for the biotech investor. We continue to expect the drug to reach      the market in 2004 and reiterate our Strong Buy rating."        PurchasePro.Com, Inc.      (Nasdaq: PPRO) $15.94      Buy      2001E EPS: $0.57, up from $0.47      2002E EPS: $1.00, New        Eric Upin, Business-to-Business eCommerce      PurchasePro delivered solid Q4 results on Monday, February 12 -- reporting      $33.6 million in revenue (representing 94% sequential growth) and      operating EPS of $0.11," said Upin. "To reflect the company's strong top-      line growth and earnings leverage, we are raising our estimates. Overall,      PurchasePro reported very solid Q4 results -- where the numbers speak for      themselves in terms of the magnitude of the upside and strong operating      leverage. However, we continue to believe the stock will be burdened over      the next 2-3 quarters by: the need to deepen the existing management team,      continued questions about the discipline of the company's financial and      operating controls, and the company's ability to drive growth and      profitability in an increasingly challenging economic environment. Even      though we expect the stock to receive a near-term boost based on the      company's strong quarterly performance, positive outlook and relative      valuation discount, we believe the issues highlighted above will need to      be addressed in order for the stock to make its next meaningful move."        Comments:        Advanced Fibre Communications, Inc.      (Nasdaq: AFCI) $21.44      Buy        Paul Silverstein, Communications/Networking      "In the wake of Advanced Fibre Communications' presentation Monday,      February 12, 2001 at the Robertson Stephens Technology Conference, our      confidence in the near- and intermediate- to long-term outlook has been      bolstered," said Silverstein. "We believe the underlying drivers of AFC's      business are intact: the current driver of additional narrowband voice      deployment via digital loop carriers and the future driver of DSL      deployment via digital loop carriers located outside the central office.      While we continue to lack strong near-term visibility of DSL deployment by      SBC in its plans to deploy AFC's Dmax plus system as one of the two key      so-called "neighborhood gateway" DSL provisioning vehicles under its $6      billion three-year "Project Pronto" DSL initiative, we believe there will      be meaningful DSL revenues off of AFC's digital loop carrier platforms      from both SBC and other AFC customers in fiscal 2001. We continue to      believe that AFC offers a very attractive risk-reward profile, and are      thus reiterating our Buy recommendation."          Bisys Group, Inc. (The)      (Nasdaq: BSYS) $50.19      Buy        Andrew Jeffrey, eProcessing/ePayment      "The Bisys Group announced yesterday its intention to acquire Boston      Institutional Group for approximately $35 million in stock," said Jeffrey.      "Boston Institutional Group is a provider of outsourcing services for      mutual funds, focusing on third-party distribution and asset gathering. We      believe this deal provides Bisys with a strategic opportunity to cross-      sell its suite of products and services to a new group of clients and      solidifies its position as a leader in the Investment Services market. We      believe Boston Institutional Group will add $25 - $30 million in annual      revenues and it should be neutral to FY01 earnings, turning accretive in      FY02. We argue that BSYS shares will continue benefiting from the      company's high internal growth rate, improving competitive position,      widening operating margin and higher projected pretax ROIC. Our 12-month      target price is in the low-$60s."        Ceragon Networks      (Nasdaq: CRNT) $15.13      Buy        Paul Silverstein, Communications/Networking      "In the wake of Ceragon Networks' presentation Monday, February 12, 2001      at the Robertson Stephens Technology Conference, our confidence in the      near- and intermediate- to long-term outlook has been bolstered," said      Silverstein. "We believe the March quarter is shaping up very similarly to      Ceragon's first and second quarters as a public company, i.e. we believe      there is strong upside to our financial forecasts.  There does not appear      to be any slowdown in deployment of Ceragon's point-to-point broadband      wireless solution. We note that Ceragon recently signed an OEM agreement      with Lucent and we believe that they are already shipping product under      that agreement. Given the strength in current visibility and current      business trends we are reiterating our Buy recommendation on the shares of      Ceragon Networks."        Choice Hotels International, Inc.      (NYSE: CHH) $15.00      Buy        Harry Curtis, Gaming & Lodging      "Choice Hotels reported 4Q:00 operating EPS of $0.28, in line with      consensus and our estimate," said Curtis. "For the full year 2000,      operating EPS increased 6.6% to $1.10 from $1.03 in 1999. Reported 4Q:00      EPS was $0.05, which included $19.4 million of previously announced one-      time charges. These expenses included restructuring at the corporate      office ($5.6 million), equity loss in Friendly Hotels ($10.3 million), and      loss on payment of the Sunburst note ($3.5 million). Total restructuring      charges exceeded our original estimate of $17 million, attributed to the      write off in Friendly. 4Q:00 revenues of $44.5 million was in-line with      our estimate. Revenue was driven by a 6.1% increase in royalty fee income      to $35.1 million. System wide RevPAR growth was 4.7%, which exceeded our      RevPAR expectation of 3-4% for the quarter. Across brands, Quality (6%      RevPAR growth), Mainstay (11.2% RevPAR growth), and Rodeway (6.0%)      experienced the strongest gains. As previously announced, the company      received $102 million in cash from the repayment of the Sunburst note. We      expect the company to utilize proceeds to repurchase additional shares,      make strategic acquisitions, and for mezzanine funding."        Elantec Semiconductor, Inc.      (Nasdaq: ELNT) $36.06      Buy        Tore Svanberg, Analog & Mixed-Signal Semiconductor Devices      Arun Veerappan, Communications Components/Semiconductor Devices      "Elantec CEO Rich Beyer, CFO Brian McDonald and VP of Corporate Strategy      and Business Development Mohan Maheswaran presented at the Robertson      Stephens Technology Conference yesterday," said Svanberg and Veerappan.      "The company reported that its PC related sales, including the video and      optical storage businesses, continue to be soft due to an overall slowdown      in the PC industry.  Despite this slowdown however, we believe Elantec      products are somewhat less susceptible to overall growth trends due to the      increasing industry adoption rate of optical storage devices as standalone      devices and within PCs.  Given the seasonality of the PC market and that      some of the company's end-market customers continue to readjust component      inventories, we believe the company's video and optical storage businesses      could be somewhat flat during the March quarter from December quarter      levels. We believe that the primary driver of the company's growth during      the March quarter will come from its communications business, which      continues to see great diversification, both in terms of customers as well      as geographic regions. Overall, we believe that the company continues to      execute well in its four main business lines, including video, optical      storage, communications and power management and that its impressive rate      of new product introductions over the last several quarters positions the      company as a premier pure-play analog vendor in today's semiconductor      markets."        Genzyme Corporation      (Nasdaq: GENZ) $82.88      Buy        Michael King, Biopharmaceuticals      "Oxford GlycoSciences (OGSIF $17-1/4) published a press release yesterday      with preliminary analysis of a six-month study for Vevesca (OGT-918) for      the treatment of Gaucher disease," said King. "The study was designed to      evaluate oral Vevesca as a replacement to Genzyme General's  Cerezyme      enzyme replacement therapy (ERT). In this pivotal study, thirty-six ERT      experienced patients (minimum of 2 years on therapy) were randomly divided      into three cohorts with 12 patients converting to 100mg of Vevesca three-      times daily, 12 patients receiving both Vevesca and ERT, and 12 patients      remaining on ERT. Importantly, no clinical data was provided, which Oxford      GlycoSciences intends to release at scientific meetings later this year.      While it is impossible to draw any meaningful conclusions from the press      release due to the lack of clinical data, we remain vigilant in analyzing      cheaper, competitive threats to Genzyme's Cerezyme franchise especially as      the drug comes off patent this year. We have been anticipating a slowing      of Cerezyme growth and are now forecasting sales of $570 million this      year. Genzyme plans to report full results on March 8th. We believe      revenues of $203.7 million and $753.2 million for 4Q:00 and FY2000      respectively should not surprise anyone, and we are looking for EPS of      $0.59 in 4Q:00 and $2.26 for FY2000.We are maintaining our BUY rating on      Genzyme."        Jones Apparel Group Inc.      (NYSE: JNY) $38.51      Buy        Janet Joseph Kloppenburg, Specialty Retailing/Apparel Manufacturers      "We reiterate our Buy rating on shares of Jones Apparel Group, as we      believe the company maintains significant opportunities to achieve +12%      revenue growth and +15% earnings growth annually through (1) expanding its      the stable of well-known apparel, footwear, and accessory brands, (2)      further diversifying its distribution channels, and (3) maintaining solid      revenue growth in its core wholesale apparel business," said Kloppenburg.      "JNY shares currently trade at 13.1x our likely conservative $2.94 F2001      EPS estimate and 11.0x our preliminary $3.50 F2002 EPS estimate-a      significant discount to our projected 22% long-term earnings growth rate.      We believe JNY shares should appreciate to our $53 price target throughout      F2001, with JNY's P/E multiple expanding to 15.0x our preliminary F2002      EPS estimate of $3.50, as we believe the company's industry-leading growth      opportunities, strategic foresight, and history of consistent revenue and      earnings growth make JNY a compelling investment opportunity for those      investors seeking to rotate into industry-leading companies within the      consumer sector. As such, we reiterate our Buy rating and $53 price      target."        marchFIRST, Inc.      (Nasdaq: MRCH) $2.50      Buy      F2001E EPS: ($0.66), down from $0.20        Steven Birer, eServices      "Yesterday, marchFIRST reported Q4:00 revenues of $213.5 million, below      our lowered revenue estimate of $235.0 million," said Birer. "This result      represents a 33.7% decline over Q4:99, and a 42.3% decline compared to      Q3:00. We are lowering our 2001 revenue and EPS estimates from $1,200.0      million and $0.20, respectively, to $816.0 million and a loss per share of      $0.66.   We are nevertheless maintaining our Buy rating, based on an      attractive risk/reward outlook over the long term if, as we believe, the      company rights itself during 2001."        Oplink Communications, Inc.      (Nasdaq: OPLK) $12.13      Buy        Arun Veerappan, Communications Components/Semiconductor Devices      "Recently, Oplink announced the second phase of the expansion of its      state-of-the-art, China-based manufacturing capability," said Veerappan.      "Facilities are to be expanded in Zhuhai's Free Trade Zone, Shanghai's      High-Tech Zone, and a new facility will be added in Chengdu. Today Oplink      operates 200,000 square feet across these three facilities. Phase two      targets the expansion of these facilities to 800,000 total square feet by      the end of 2001. Oplink also operates specialty materials facilities in      Beijing and Fuzhou. In addition, the company's headquarters and      manufacturing facilities in San Jose, CA currently occupy 160,000.      Currently, about 38% of products come from China and 62% come from the      U.S.  By the end of C01, Oplink expects the ratio to be 70% from China and      30% from the U.S. Regarding bookings, Oplink mentioned that it had about      80% of the March quarter booked going into the quarter. As a result, we      believe Oplink will need to do about 20% turns business to meet analysts      revenue forecasts of $47 to $48 million (up 10% q/q). While visibility at      Oplink is lower than it was going into the September and December      quarters, we believe that our estimates are very reachable given Oplink's      high backlog coverage entering the March quarter, given the company's      historical execution capability and given its current strong market      position in the passive optical components market. As such, we reiterate      our Buy rating on Oplink shares."        Unless otherwise noted, prices are as of Monday, February 12, 2001.      Robertson Stephens maintains a market in the shares of OSI  Pharmaceutifcals, PurchasePro.com, Advanced Fibre, The Bisys Group, Ceragon  Networks, Elantec Semiconductor, Genzyme Corp., Oplink, and marchFIRST and has  been managing or comanaging underwriter for or has privately placed securities  of OSI Pharmaceutifcals, PurchasePro.com, Ceragon Networks, Elantec  Semiconductor, Oplink, and marchFIRST within the past three years.   Robertson Stephens, Inc. and its international affiliates ("Robertson  Stephens") is the leading full-service investment bank focused exclusively on  growth companies. The firm provides a comprehensive set of investment banking  products and services, including equity underwriting, sales & trading,  research, M&A advisory, convertible securities, private capital, equity  derivatives, and corporate and executive services. Robertson Stephens, Inc. is  a member of the NASD and all major exchanges. Robertson Stephens has more than  1,400 employees worldwide with offices in San Francisco, Boston, New York,  Palo Alto, Chicago, Atlanta, London, Munich and Tel Aviv.   Robertson Stephens, Inc. ("Robertson Stephens") is an NASD member and a  member of all major exchanges and SIPC.     The information contained herein is not a complete analysis of every  material fact respecting any company, industry or security. Although opinions  and estimates expressed herein reflect the current judgment of Robertson  Stephens, the information upon which such opinions and estimates are based is  not necessarily updated on a regular basis; when it is, the date of the change  in estimate will be noted. In addition, opinions and estimates are subject to  change without notice. This Report contains forward-looking statements, which  involve risks and uncertainties. Actual results may differ significantly from  the results described in the forward-looking statements. Factors that might  cause such a difference include, but are not limited to, those discussed in  "Investment Risks." Robertson Stephens from time to time performs corporate  finance or other services for some companies described herein and may  occasionally possess material, nonpublic information regarding such companies.  This information is not used in the preparation of the opinions and estimates  herein. While the information contained in this Report and the opinions  contained herein are based on sources believed to be reliable, Robertson  Stephens has not independently verified the facts, assumptions and estimates  contained in this Report. Accordingly, no representation or warranty, express  or implied, is made as to, and no reliance should be placed on, the fairness,  accuracy, completeness or correctness of the information and opinions  contained in this Report. Robertson Stephens, its managing directors, its  affiliates, its employee investment funds, and/or its employees, including the  research analysts authoring this report, may have an interest in the  securities of the issuer(s) described and may make purchases or sales while  this Report is accessible. Robertson Stephens International, Ltd. is regulated  by the Securities and Futures Authority in the United Kingdom. This  publication is not meant for private customers.     Fleet Meehan Specialist, Inc. (Member NYSE), an affiliate of Robertson  Stephens, Inc., is the specialist that makes a market in Alcatel, AutoNation,  Inc., Cabletron Systems, Inc., Cash America International, Inc., Catellus  Development Corp., CKE Restaurants, Inc., Computer Associates International,  Electronic Data Systems Corporation, Ethan Allen Interiors Inc., FelCor  Lodging Trust Inc., Foundation Health Systems, Inc., Harrah's Entertainment,  Inc., Hilton Hotels Corporation, The Home Depot, Inc., International Game  Technology, Jones Apparel Group, Inc., McDonald's Corporation,  The Men's  Wearhouse, MGM Mirage, Inc., National Semiconductor Corporation, Park Place  Entertainment Corporation, Public Storage Inc., Scientific-Atlanta Inc.,  Seagate Technology, Inc., Shurgard Storage Centers, Inc., Station Casinos  Inc., The Talbots, Inc., Tommy Hilfiger Corporation and Wal-Mart Stores, Inc.  and at any given time, Fleet Meehan Specialist may have an inventory position,  either "long" or "short," in this security.  As a result of Fleet Meehan  Specialist's function as a market maker, such specialist may be on the  opposite side of orders executed on the floor of the Exchange in this  security.     Copyright (C) 2001 Robertson Stephens     Robertson Stephens is a member of the National Association of Securities  Dealers, CRD number 41271.      SOURCE  Robertson Stephens, Inc.         (FBF OSIP PPRO AFCI BSYS CRNT CHH ELNT GENZ JNY MRCH OPLK)   CO:  Robertson Stephens, Inc.; OSI Pharmaceuticals, Inc.; PurchasePro.Com,          Inc.; Advanced Fibre Communications, Inc.; Bisys Group, Inc.; Ceragon       Networks; Choice Hotels International, Inc.; Elantec Semiconductor, Inc.;       Genzyme Corporation; Jones Apparel Group Inc.; marchFIRST, Inc.; Oplink     Communications, Inc.  ST:  California  IN:  FIN  SU:  RTG  -0- Feb/13/2001 15:40 GMT    
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