Nortel Unable to Maintain Rally
Shares of
Nortel
(NT)
were unable to hold on to a minor rally, despite favorable research reports that came out of the company¿s
conference with analysts in Boston.
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Shares in the fiber-optics giant, which have lost about 41% of their value since the company's third-quarter earnings report on Oct. 24, recently slipped 1%, or 44 cents, to $37.75. The 52-week high of $89.
Lehman Brothers
maintained an outperform rating and $55 price target for Nortel, citing the management's positive tone during the conference.
ABN Amro
reaffirmed Nortel's buy rating and said the weak stock price could present a good buying opportunity.
During the conference on Tuesday, Nortel told analysts to expect sales growth of optical equipment "north of 40%" in 2001, which would be shy of forecasts.
