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Rhythms NetConnections Touches New Low, Salomon Cuts Rating

Shares of broadband service provider

Rhythms NetConnections


hit an all-time low of 84 cents earlier today after being downgraded by

Salomon Smith Barney

to neutral from buy.

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The firm also cut the company's price target to $1 from $10.

Analysts expect the company to report a loss of $2.42 a share for the fourth quarter, according to

First Call/Thomson Financial

. In the third quarter, the company lost $147.6 million, or $2.07 a share, on revenue of $17.2 million.

Shares of Rhythms were recently down 15.2% to 88 cents in


trading. The 52-week high is $50.