Spelman Research Raises Price Target on Farmstead Telephone Group
25 August 2005 - 3:30PM
PR Newswire (US)
Raises Price Target from $8.25 to $12.25 EAST HARTFORD, Conn., Aug.
25 /PRNewswire-FirstCall/ -- Farmstead Telephone Group, Inc.
(AMEX:FTG) today announced that Spelman Research, an independent
investment research firm, has released an updated analyst report on
Farmstead Telephone Group, increasing its price target from $8.25
to $12.25. The report on Farmstead Telephone Group is available at
http://www.spelmanresearch.com/ and also at
http://www.runonideas.com/files/clients/FTG/reports/FTGSpelmanUpdate08232005.p
df. The updated report states, "We reiterate our Speculative Buy
Rating on FTG following the recent announcement of quarterly
financial results and the approaching 'moment of truth' for FTG --
the launch of its One IP Voice initiative in September. The stock
gained close to 73% since the date of initiation of coverage on the
company less than two months ago and we believe that there
continues to be significant upside potential, over and above what
other companies in the industry can offer." Jean-Marc Stiegemeier,
Farmstead's Chairman and CEO, said, "We are pleased that Spelman
Research continues to recognize the significant growth potential of
our strategy, and values our continued momentum as we seek to
become the largest provider of Hosted telecommunications services
to the national SMB market." About Farmstead Farmstead Telephone
Group, Inc. is a national provider of telecommunications systems
and services. As an Avaya partner it offers systems design,
installation and services on a national basis. The Company is
currently deploying its carrier based Hosted offerings through its
One IP Voice subsidiary. Once the One IP Voice platform is fully
deployed the Company intends to become the largest provider of
Hosted telecommunications services to the SMB market nationally.
Further information about Farmstead Telephone may be found at
http://www.farmstead.com/. This release contains forward-looking
statements that involve risks and uncertainties. In addition to
historical information, investors should consider carefully the
risks associated with an investment in the Company's securities as
previously outlined by the Company in its prior filings with the
Securities and Exchange Commission. Contact: Mel Lipes Farmstead
Telephone Group, Inc. Voice: 860-610-6005 Fax: 860-282-5737 OR
Investor Contact: Alex Lewis or Dave Gentry Aurelius Consulting
Group 407-644-4256 http://www.runonideas.com/ DATASOURCE: Farmstead
Telephone Group, Inc. CONTACT: Mel Lipes of Farmstead Telephone
Group, Inc., +1-860-610-6005; or Investor Contact: Alex Lewis or
Dave Gentry, both of Aurelius Consulting Group, +1-407-644-4256,
Web site: http://www.farmstead.com/ http://www.spelmanresearch.com/
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