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June 28, 2004 Stock Pick: Airspan Networks, Inc. (AIRN)

Stock Price: $5.85

Airspan Networks is a supplier of Broadband Access wireless communications equipment being used by carriers, service providers and in enterprise networks to deliver high-speed data and Voice over IP (VoIP) services. The company is at the forefront of WiMAX development.

The communications equipment this company provides enables wireless Internet access at the speed of broadband. One particular broadband wireless access technology is being standardized, IEEE 802.16, also known as WiMAX. WiMAX complements Wi-Fi and allows users to access the Internet wirelessly over greater distances. VoIP and cell phones fit right into the equipment demand since calls will be carried over the Internet.

A week ago, Pacific Growth Equities reiterated its overweight rating on AIRN, recommending investors to take a larger than normal position in the company. Analyst Joe Noel of Pacific Growth expects Airspan Networks to report strong second-quarter results, and thinks Airspan will provide a better-than-anticipated third-quarter outlook. The company has over $53 million in cash and improved its revenues to $22.2 million for the most recent quarter, up 79% from the same period last year. Q1 net loss was $2.9 million.

AIRN has been breaking out on heavy volume the last two trading days and could easily break above its 52-week high of $6.85. After, AIRN breaks above $6.85, we believe it could easily move towards $9-$10.

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