Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Wall Street Research Analyst 12-Month Price Targets
12-Month Price Target
Price Target Date
$34.00
12/31/04
Report
Date
Bank
03/02/05 Baird
03/01/05 Willem Blair & Company
02/28/05 Merrill Lynch
02/25/05
02/24/05 Lehman Brothers
SG Cowen & Co.
02/16/05 Barrington Research
02/16/05
02/16/05
Prudential Equity Group
Keefe, Bruyette & Woods
02/16/05 Stifel Nicolaus
02/16/05 JPMorgan Securities
02/16/05 Morgan Stanley
02/16/05 Janney Montgomery Scott
02/16/05 Think Equity Partners
02/16/05 Needham
02/15/05 Deutsche Bank
02/15/05 Wachovia Secunties
CREDIT FIRST
SUISSE BOSTON
Analyst
Carla Cooper
Franco Turrinell
Gregory Smith
Moshe Katri
Roger Freeman
Michael Hutchison
Bryan Keane
Robert Lee
Peter Heckmann
Philip Mickelson
David Togut
Thomas McCrohan
Glenn Greene
Andrew Jeffrey
Brandt Sakskeeny
David Trossman
NA
$34.00
NA
$29.00
$37.00
$26.00
$30.00
$32.00
NA
NA
$30.00
$32.00
$33.00
$25.00
NA
NA
07/23/03
NA
02/17/05
02/16/05
11/01/04
02/17/05
10/04/04
NA
NA
02/16/05
04/22/04
02/16/05
07/21/04
NA
Action/ Selected Comments Since 3/21/05 Announcement
Downgrade from Outperform to Neutral.
"All things considered we think $35 would be a fair price to pay."
"We would expect the company to give it serious consideration, as we do not
see the stock achieving a $34 level on its own."
We believe the potential $10 billion LBC better reflects the prospects for the
company
"Investors will likely welcome a buyout at that price."
Downgrade from Outperform to Market Perform. "The fundamental public
market value of the existing business is around $30 or so per share."
"In the face of significant market ambivalence to the proposed [spin-off), we
think a sale of the company makes perfect sense."
"We think this potential deal would be a positive for Solar shareholders.
Downgrade from Buy to Hold "We believe the sale of Solar to financial buyers
makes strategic sense."
"Now that's more like it possible LBO begins unlocking value and upside
remains.
13View entire presentation