Metromedia Tumbles on Estimates Cut
Metromedia Fiber Network (MFNX) was down 20.1% in late morning, hitting a 52-week low of $2.70 after Goldman Sachs cut its estimates and price target on the company.
In a research note, Goldman said the company is "exposed to the macro weakness in the Internet infrastructure services sector."
Goldman now expects a $55 million loss in the second quarter on revenue of $94 million. Goldman cut its per-share loss estimate for 2001 to $1.10 from $1.02, and lowered its price target to $10 from $23.
Loading ...