LightPath Drops on Downgrade

LightPath (LPTH), maker of optical telecommunications equipment, was down 34.7% after the stock was downgraded to hold from strong buy by Wit SoundView.

The analyst cut its 2002 revenue estimate to $61 million from $83.5 million, and 2002 EPS estimate to 9 cents from 48 cents.

Wit SoundView said it was concerned about continued business prospects with an important existing customer and a weakening market environment.

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