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The whole report is worth reading. You can find it at
Search for CYCH in the ticker box, obviously. You will have to either join, or log in, to view the four page report.

-"Cybercash is firing on all cylinders."
-Transactions for Jan/Feb are remaining at holiday levels.
-If this continues, they see the break-even point moving up, possible as early as late 2000.
-Seasonality in transaction volumes may no longer be a problem as Cych has diversified its base enough to compensate.
-They believe Cych would be a good aquisition target, and then go into explanation of the Street's disdain for CYCH.

Merenbloom has not raised the target price (1 year, $17, which equals 15x revenues), but he has actually used an exclamation point in this report. I don't think analysts are usually this excitable!
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