Nortel Networks 3.1% Lower at the Close as Outlook Cut

Nortel Networks

(NT)

was down 3.1% at the bell after

A.G. Edwards

slashed its price target to $65 from $96 to reflect the recent downturn in the sector. Analyst David Heger also cut his revenue estimate for the fourth quarter but retained his earnings forecast of 26 cents per share. He also reiterated his accumulate/aggressive rating for the telecom equipment supplier.