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Short-Term Report
JANUARY 13,2004



Kopin Corporation (NASD) KOPN $7.57
52-week range $3.73-$9.82
Market Cap $529.1M
Shares Outstanding 69.71M
Book Value $2.20
Price/Book $3.57
Average Daily Vol. 600K
Target Price $12.00
Target Percentage 58%
Kopin Corporation is a developer and manufacture of advanced semiconductor material and flat panel displays primarily to the telecommunications industry.

We are again, recommending Kopin corp. as an attractive technology company. Originally, we had recommended Kopin on November 2002 at $5.15 per share and suggested selling Kopin on January 28 2003 at $7.69 per share (~50% GAIN) Over the past year, the stock has treaded water (now at $7.57 per share) while the company has streamlined operations and the economic environment has begun to improve.

We are attracted to Kopin for the following reasons:

1. The overall environment for electronic equipment has improved quite markedly over the past several months. This improvement has resulted in a strong rise in orders for the company’s LCD and wireless products. The two major contributors have been flat panel displays for the TV industry and the increase in wireless, phone sales. Currently, Kopin has 30% of the wireless industry for its products.

2. The company has a strong financial position with almost $1.50 per share in cash and no debt.

3. At the current time, we estimate the company will earn about $.15 per share versus an estimated loss of $.10 per share for 2003.

Kopin Corp. is an undervalued company in the technology industry at its current price of $7.57 per share. We reiterate our target price of $12.00 per share.



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