Exodus Down on Target Cut

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Web hosting company Exodus Communications (EXDS) was down 15% in midmorning after Lehman Brothers cut its price target on the stock to $9 from $15, and lowered its 2002 revenue outlook to $2 billion from $2.5 billion.

In a research note, Lehman said cost-cutting measures already being implemented will prove effective, but "the company must begin demonstrating progress in the second quarter."