Kaufman is positive on Covad Comm (COVD) following agreement with SBC and AT&T to extend its relationship with these partners after the completion of their pending merger. According to the firm, this agreement alleviates concern as to the impact of the merger and has positioned Covad to not only sustain current business from these partners but to grow this business relationship. Thinks the out-of-region opportunity is particularly interesting as they expect SBC/AT&T to pursue a role as a national provider. Firm continues to view recent pressure on the stock as overdone. Reiterates Buy and $5 tgt.
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