Joseph Charles Initiates Coverage on Zitel Corp. as a Buy, 12-month Price Target at $12 and Releases Research
Report
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: institutional@josephcharles.com
SOURCE Joseph Charles & Associates, Inc.
(C) 2000 PR Newswire. All rights reserved.
www.prnewswire.com
CONTACT: David Weinstein, Director of Institutional Research, Joseph
Charles & Associates, Inc., 561-391-9090, or e-mail,
institutional@josephcharles.com
(ZITL)
KEYWORD: Florida
California
INDUSTRY KEYWORD: FIN
SUBJECT CODE: RTG
Report
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: institutional@josephcharles.com
SOURCE Joseph Charles & Associates, Inc.
(C) 2000 PR Newswire. All rights reserved.
www.prnewswire.com
CONTACT: David Weinstein, Director of Institutional Research, Joseph
Charles & Associates, Inc., 561-391-9090, or e-mail,
institutional@josephcharles.com
(ZITL)
KEYWORD: Florida
California
INDUSTRY KEYWORD: FIN
SUBJECT CODE: RTG
