Lucent Continues Downward Spiral; UBS Warburg Cuts Price Target
Shares of
Lucent
(LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report
were again trading at a 52-week low this morning,
a day after the company said it may have to revise reported fourth-quarter results and indicated that it could no longer confirm its guidance for the first quarter.
Shares of Lucent were recently trading at $16.50, down $1.06, or 6.1%. The shares have traded as low as $16.38 this morning.
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UBS Warburg
this morning cut its 12-month target on the shares to $25 from $30 but maintained a hold rating on the stock.
The UBS move follows a downgrade from
Merrill Lynch
, which
yesterday cut its long-term rating on Lucent to accumulate from buy and lowered its fiscal 2001 earnings estimate to 20 cents a share from 65 cents.
