Analyst Likes @Home Abroad

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Warburg Dillon Read LLC upgraded data-over-cable company Excite@Home Corp. to "strong buy" from "buy," citing stronger-than-expected growth in broadband subscribers. Excite@Home added 350,000 customers in the first quarter, "way ahead of our estimate," Warburg analyst Michael Wallace wrote in his report. Wallace said Excite@Home's focus on subscriber growth and international expansion will push profits out until next year because of additional spending, adding that the new markets could be lucrative. "The international opportunity is large, and we expect at least one international joint venture IPO [initial public offering] by year-end," Wallace wrote.

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