Exodus Down on Target Cuts

By TSC Staff ,

Web hosting company Exodus (EXDS) was down 18% in early afternoon, hitting a 52-week low of $2.79.

This morning,

Prudential Securities

cut its price target on the stock to $9 from $15, following the same move 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."

Exodus had traded over 10% higher on the preopen

Island

ECN.

Loading ...