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DB Alex.Brown (MOND as "Strong Buy") loved the Q2 results and raised estimates to $2.51 from $2.45 for FY00, also said Y2K does not appear to have been a demand bubble.

DLJ had a different take on the report:

Dow Jones Online News - USA ; 22-Jan-2000 12:00:00 am ; 202 words
NEW YORK -(Dow Jones)- An analyst with Donaldson Lufkin & Jenrette Securities Corp. lowered his investment rating of wine maker Robert Mondavi Corp. on Friday, saying he expects growth trends to slow as demand eases.
Analyst Skip Carpenter lowered Mondavi's rating to "market perform" from "buy." He wrote in a research note that the revenue-growth rate in the current fiscal third quarter probably will slow considerably from the 17% gain in the second quarter and 13% increase in the first quarter.
At issue, Carpenter said, is that "demand for wine will ease following the millennium celebration as well as the timing of a very late Easter holiday."
As a result, Carpenter expects Mondavi's (MOND) earnings per share to increase only 6% in the third quarter and 9% in the fourth quarter. That is slower than the 28% gain Mondavi posted in the second quarter and the 11% rise in the first quarter.
Mondavi got what it called a one-time boost in December as wholesalers stocked up on wine in anticipation of the big New Year's celebration.
This week, Mondavi reported that it earned $13.1 million, or 82 cents a share in its second quarter, which ended Dec. 31. The earnings were almost 30% above the $10.1 million, or 64 cents a share, reported in the same quarter the year before.
Oakville, Calif.-based Mondavi makes premium table wines, which it sells in the U.S. and 90 other countries under a variety of brand names."

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