Lucent Continues Downward Spiral; UBS Warburg Cuts Price Target

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Shares of

Lucent

(LU)

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.

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.