Exodus Continues Slide

By TSC Staff ,

Web hosting company Exodus (EXDS) was down 8.5% in preopen Island trading, continuing a slide from $6.51 at the close of trading June 12.

The stock fell 20.5% to $2.84 by the bell Tuesday, setting a 52-week low of $2.65 during the session, after

Prudential Securities

cut its price target on the stock to $9 from $15, the same move made by

Lehman Brothers

late Monday.

In a research note, Prudential analyst Michael Turits said, "Continued macroeconomic weakness and telecom shortfalls suggest enterprise demand will not make up for dot-com weakness."

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