"With one of the largest developable land portfolios inCalifornia, we believe Catellus will continue to benefit from oneof the strongest real estate markets in the State's 151 yearhistory," writes Leupp this morning. "With employment, populationand occupancy rates at record levels in many Northern and SouthernCalifornia markets, we believe the company is likely to enjoy atleast 3-5 years of favorable market conditions. We reiterate ourBuy rating."

Robertson Stephens is the leading full-service investment bankfocused exclusively on growth companies. Catellus is a diversifiedreal estate development company with a large portfolio ofdevelopable land and rental properties.

In afternoon trading, shares of Catellus were trading at $17.75,off 6.25 cents from Friday's close, and $1.31 short of its 52-weekhigh, achieved August 17, 2000. It's 52-week low of $10.75 came inOctober of last year.