JOSEPH CHARLES INITIATES COVERAGE ON ZITEL CORP. AS A BUY, 12-MONTH PRICE TARGET AT $12 AND RELEASES RESEARCH REPORT
WEDNESDAY, APRIL 05, 2000 11:03 AM
BOCA RATON, Fla., Apr 5, 2000 /PRNewswire via COMTEX/ -- The following is being issued by Joseph Charles & Associates, Inc. (Joseph Charles), a member of the National Association of Securities Dealers, CRD number 3949:
Joseph Charles & Associates, Inc. (Joseph Charles), Director of Research David Weinstein initiates coverage on Zitel Corp. (Nasdaq: ZITL) with a Buy recommendation and releases initial research coverage with a 12-month price target of $12.
Zitel Corporation, headquartered in Fremont, CA, is currently unrecognized in the market for its successful turnaround from a company with three distinct product missions into a lean operation with a new CEO leading the fight against denial of service attacks and for universal performance level network management. The Company's turnaround is most readily apparent in its past and anticipated financial performance. In 1999 the company lost ($0.59) per share. We anticipate the Company will reduce that figure to ($0.05) in 2000 and show a profit of $0.24 in 2001. Zitel entered its fiscal year with no long-term debt and we expect it will have a profitable quarter in the near term. Taking into consideration the Company's improved financial condition, its aggressive new CEO, the strength of its product offerings, and its impressive client list, we are establishing coverage with a Buy rating and a 12-month price target of $12.
Information and statements contained herein, other than historical information, should be considered forward looking, involving risk and uncertainties. The security referenced is speculative in nature and may not be suitable for your investment objective. Joseph Charles is a market maker in the securities of this company and may hold a long or short position. The officers, directors and affiliates of Joseph Charles may maintain positions in the securities referenced, which may change at any time without notice.
CONTACT: David Weinstein, Director of Institutional Research, 561-391-9090 e-mail: firstname.lastname@example.org
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