Nortel

(NT)

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

UBS Warburg

lowered its price target to $60 from $115, while maintaining a buy rating.

Merrill Lynch

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.

Lehman Brothers

lowered its rating to outperform from buy and slashed its price target to $55 from $100.

Upgrades

Manor Care

(HCR) - Get Report

: UP to buy from accumulate at Merrill Lynch.

Oxford Health Plans

(OXHP)

: UP to outperform from neutral at

Salomon Smith Barney

.

Downgrades

AT&T

(T) - Get Report

: DOWN to accumulate from buy at Merrill Lynch.

Halliburton

(HAL) - Get Report

: DOWN to hold from buy at

ING Barings

TST Recommends

.

Lincoln National

(LNCL)

: DOWN to neutral from accumulate at Merrill Lynch.

Maxim Integrated Products

(MXIM) - Get Report

: DOWN to buy from strong buy at Credit Suisse First Boston.

National Semiconductor

(NSM)

: DOWN to buy from strong buy at UBS Warburg.

WSFS Financial

(WSFL)

: DOWN to neutral from outperform at Salomon Smith Barney.

Initiations

CenturyTel

(CTL) - Get Report

: NEW buy at ING Barings.

DMC Stratex Networks

(STXN)

: NEW hold at CSFB.

Elastic Networks

(ELAS)

: NEW buy at UBS Warburg; price target: $14.

Hydril

(HYDL)

: NEW high at Salomon Smith Barney; price target: $33.

Netro

(NTRO)

: NEW buy at CSFB.

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