announced third-quarter earnings that beat estimates, but that wasn't really good enough. Not while fears of a slowdown in semiconductors and the economy as a whole plague the markets. So when Nortel missed revenue estimates, many a market-maker came a-calling. Today, in the wake of the Nortel earnings fallout, a smorgasbord of analysts weighed in.
Here's a quick roundup:
Credit Suisse First Boston
maintained its 2000 and 2001 earnings per share estimates, but lowered its estimate on the fourth quarter to $8.45 billion from $8.9 billion. In its report, CSFB said that Nortel, although not cheap, was reasonable
lowered its price target to $60 from $115, while maintaining a buy rating.
reiterated its buy rating, but cut fourth-quarter revenue estimates to $8.6 billion from $9 billion and lowered its earnings per share outlook for 2000 and 2001. Merrill now expects 2000 to come in at 72 cents a share, from 74 cents a share, while 2001 is expected at 97 cents a share from 98 cents a share.
lowered its rating to outperform from buy and slashed its price target to $55 from $100.
: UP to buy from accumulate at Merrill Lynch.
Oxford Health Plans
: UP to outperform from neutral at
Salomon Smith Barney
: DOWN to accumulate from buy at Merrill Lynch.
: DOWN to hold from buy at
: DOWN to neutral from accumulate at Merrill Lynch.
Maxim Integrated Products
: DOWN to buy from strong buy at Credit Suisse First Boston.
: DOWN to buy from strong buy at UBS Warburg.
: DOWN to neutral from outperform at Salomon Smith Barney.
: NEW buy at ING Barings.
DMC Stratex Networks
: NEW hold at CSFB.
: NEW buy at UBS Warburg; price target: $14.
: NEW high at Salomon Smith Barney; price target: $33.
: NEW buy at CSFB.
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