Extreme Networks

(EXTR) - Get Report

was down 8.5% in preopen

Island

trading after

Lehman Brothers

downgraded it to buy from strong buy, cut its 12-month price target to $40 from $70 and lowered earnings estimates for 2001 and 2002. The company faces near-term uncertainty, Lehman said.

Lehman also cut

Foundry Networks

(FDRY)

to buy from strong buy, lowered its target to $22 from $27 and reduced its 2001 earnings projections. Foundry was down 6.1% in preopen trading. Lehman said it expects the company to face continued order delays and deferments.