No Film, Maybe But A Big Negative

This outfit is no Microsoft, Intel, or General Motors. Yet the stock is far pricier than these profitable giants: It's trading at a disturbing 443 times 12-month earnings, 51 times book value, and 44 times sales. What is this unbelievable highflier? It's Presstek (PRST), and if you've never heard of it, you're not alone. The Hudson (N.H.) company has developed a proprietary imaging technology that speeds up printing by a process that eliminates the need for photographic film. Nevertheless, "this is the most bizarre, ridiculously overpriced stock around," says Stephen Leeb, editor of Personal Finance in Alexandria, Va., who predicts it will plunge from 51 to the upper teens.

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