36AM MSDW boost Conexant (CNXT)
Conexant (CNXT) is charging 6 3/16, or 15 percent, to 47 11/16. The stock is the day's third most active stock with 12.4 million shares traded. Analyst Mark Edelstone at Morgan Stanley Dean Witter upgraded the stock to a "strong buy" from an "outperform." Edelstone believes the shares are "significantly undervalued," and he reiterated his $100 price target. Separately, the Chase H&Q research report that clipped Qualcomm's stock noted that Conexant recently halved its halved its Korean handset sale forecast in 2000 to 8 million units, following the Korean governments decision to institute a ban on handset subsidies (see 8:22 item).
Conexant (CNXT) is charging 6 3/16, or 15 percent, to 47 11/16. The stock is the day's third most active stock with 12.4 million shares traded. Analyst Mark Edelstone at Morgan Stanley Dean Witter upgraded the stock to a "strong buy" from an "outperform." Edelstone believes the shares are "significantly undervalued," and he reiterated his $100 price target. Separately, the Chase H&Q research report that clipped Qualcomm's stock noted that Conexant recently halved its halved its Korean handset sale forecast in 2000 to 8 million units, following the Korean governments decision to institute a ban on handset subsidies (see 8:22 item).
