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Technology Stocks : Associated Group / Teligent -- Ignore unavailable to you. Want to Upgrade?


To: Tecinvestor who wrote (56)4/16/1999 3:54:00 PM
From: Don S.Boller  Read Replies (1) | Respond to of 76
 
Tecinvestor: Do they (L.M.) have a site where we can go to
read their report(s) ??
TIA
Best,
Don



To: Tecinvestor who wrote (56)4/27/1999 8:29:00 AM
From: Tecinvestor  Read Replies (1) | Respond to of 76
 
On April 26, 1999, eleven days after having raised the target price from $60 to $70, Legg Mason analysts Bradley A. Williams and Sean Butson reduced it to $60. Legg Mason set forth the following:

* Lowering rating on AGRPB due to the increased valuation risk to underlying portfolio posed by AT&T bid for Media One.

* Downside risk to AGRPB valuation is tempered by diversification of the securities portfolio, but investor sentiment toward Associated Group will likely be limited near-term.

* Several positives continue to offset the negative shift in the AT&T opinion, which may provide opportunistic investors an entry point if the discount to net asset value widens considerably.

* Reducing target price from $70 to $60.

IMHO, Legg Mason dropped the ball on this one. I think they pulled the trigger too quickly in their assessment of T's bid for UMG, which I perceive as a long term positive. Moreover, I have not yet given up on management's efforts, if any, to rectify the problem of the huge discount to NAV.

AGRP is scheduled for a shareholders' meeting on June 3, 1999. I am hoping that by then, we will see some positive news flowing from management.