FBR Initiates Coverage of Global Crossing Ltd.

Apr 20, 2001, 01:00 ET from Friedman, Billings, Ramsey & Co., Inc.

    ARLINGTON, Va., April 20 /PRNewswire Interactive News Release/ --
 Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings,
 Ramsey Group, Inc. (NYSE:   FBR), today initiated coverage of Global Crossing
 Ltd. (NYSE:   GX) with a "Buy" rating and a 12-month price target of $30 per
 share.
     In the 20-page report, Senior Technology Analyst Riyad Said identified
 Global Crossing as one of the emerging global leaders in the broadband network
 services industry.  Global Crossing is poised to exploit this market with its
 comprehensive set of broadband network assets, broad product portfolio, and
 fully-funded business plan, Said stated.  Global Crossing has completed 85
 percent of its global fiber optic network, and is transitioning from a
 wholesale construction company to an end-to-end supplier of managed
 communication services to enterprises and network service providers, Said
 stated.
     "Global Crossing is targeting a large, rapidly-growing market and has
 assembled the assets and the product portfolio to successfully address the
 opportunity in the broadband network services industry," Said stated.  "The
 company's shares, like those of other technology and communications companies,
 have been hit hard over the past several months, which we believe has created
 an attractive valuation and buying opportunity."
     Global Crossing Ltd., headquartered in Hamilton, Bermuda, offers wholesale
 and retail telecommunication products and services.  Global Crossing's
 wholesale offering (its original business) consists of selling network
 capacity, while its retail offering focus on providing high bandwidth-
 dependent organizations with integrated telecommunications solutions over its
 extensive global IP-based fiber optic network.  The network, both terrestrial
 and undersea, is expected to have 101,000 route miles, reaching four
 continents, 27 countries and more than 200 major cities by mid-2001.  Global
 Crossing is a component of the S&P 100 and S&P 500 Indexes.
     Global Crossing Ltd. closed last night at $12.30 per share.
     For a complete copy of this report, please visit http://www.fbr.com , or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR), the parent company of
 Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for
 investment banking, institutional brokerage, specialized asset management, and
 banking products and services.  FBR provides capital and financial expertise
 throughout a company's lifecycle and affords investors access to a range of
 proprietary financial products and services.  Headquartered in the Washington
 metropolitan area, FBR has offices in Arlington and Reston, Va., Bethesda,
 Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New York
 City, Portland, Seattle, London, and Vienna.  For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor.  Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X95172581
 
 

SOURCE Friedman, Billings, Ramsey & Co., Inc.
    ARLINGTON, Va., April 20 /PRNewswire Interactive News Release/ --
 Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings,
 Ramsey Group, Inc. (NYSE:   FBR), today initiated coverage of Global Crossing
 Ltd. (NYSE:   GX) with a "Buy" rating and a 12-month price target of $30 per
 share.
     In the 20-page report, Senior Technology Analyst Riyad Said identified
 Global Crossing as one of the emerging global leaders in the broadband network
 services industry.  Global Crossing is poised to exploit this market with its
 comprehensive set of broadband network assets, broad product portfolio, and
 fully-funded business plan, Said stated.  Global Crossing has completed 85
 percent of its global fiber optic network, and is transitioning from a
 wholesale construction company to an end-to-end supplier of managed
 communication services to enterprises and network service providers, Said
 stated.
     "Global Crossing is targeting a large, rapidly-growing market and has
 assembled the assets and the product portfolio to successfully address the
 opportunity in the broadband network services industry," Said stated.  "The
 company's shares, like those of other technology and communications companies,
 have been hit hard over the past several months, which we believe has created
 an attractive valuation and buying opportunity."
     Global Crossing Ltd., headquartered in Hamilton, Bermuda, offers wholesale
 and retail telecommunication products and services.  Global Crossing's
 wholesale offering (its original business) consists of selling network
 capacity, while its retail offering focus on providing high bandwidth-
 dependent organizations with integrated telecommunications solutions over its
 extensive global IP-based fiber optic network.  The network, both terrestrial
 and undersea, is expected to have 101,000 route miles, reaching four
 continents, 27 countries and more than 200 major cities by mid-2001.  Global
 Crossing is a component of the S&P 100 and S&P 500 Indexes.
     Global Crossing Ltd. closed last night at $12.30 per share.
     For a complete copy of this report, please visit http://www.fbr.com , or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR), the parent company of
 Friedman, Billings, Ramsey & Co., Inc., is a financial holding company for
 investment banking, institutional brokerage, specialized asset management, and
 banking products and services.  FBR provides capital and financial expertise
 throughout a company's lifecycle and affords investors access to a range of
 proprietary financial products and services.  Headquartered in the Washington
 metropolitan area, FBR has offices in Arlington and Reston, Va., Bethesda,
 Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New York
 City, Portland, Seattle, London, and Vienna.  For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor.  Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X95172581
 
 SOURCE  Friedman, Billings, Ramsey & Co., Inc.