Salomon Smith Barney
slashed its rating on
to neutral from buy and reduced its price target on the computer-maker, citing the risk from slowing business computer spending.
Salomon analyst John Jones cut his 12-month price target to $30 from $55, below current levels, and said he made a relatively minor earnings estimate cut, to 69 cents a share from 71 cents for fiscal 2001, and to 85 cents a share from 90 cents a share for fiscal 2002.
trading, Sun Microsystems was off 75 cents, or 2.3%, to $31.19.