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Old 01-12-2004, 10:23 AM
jjgold jjgold is offline
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Join Date: Jan 2002
Posts: 45,795
Default RE: Tech Reports Monday

Telecom Equip
Lucent (LU) 3.70 -0.18: Morgan Stanley downgraded from Overweight to EQUAL-WEIGHT. Firm cites valuation, based on the stock's 50% run since last fall.

SafeNet (SFNT) 36.06 +1.43: Janney Mntgmy Scott upgraded from Hold to BUY. Target $34 to $40. Believes co is on track for solid Q4, citing its federal govt business remains strong as the govt's tight spending has started to ease.

Somera (SMRA) 2.18 +0.40: Pacific Growth upgrades to Equal Weight from Underweight due to what firm sees as an improving outlook for the Company. Firm notes that it believes the upgrade is occurring early in the process of co's recovery.

TEKELEC (TKLC) 17.51 -0.53: Raymond James downgraded from Strong Buy to OUTPERFORM. Cites valuation, as stock is near their $20 target and fact that co's core SS7 biz is traditionally back-end loaded on quarterly basis.

UTStarcom (UTSI) 37.40 -3.94: Before the open, company guided for Y04 (Dec) to reflect dilution of offering announced Thursday night, now sees Y04 EPS of $1.87-1.92, down from previous company guidance of $1.92-1.95; UTSI now sees revenues of $2.5-2.55 bln, up from previous company guidance of $2.4-2.5 bln, consensus $2.53 bln.

Telecom Services
AT&T (T) 21.06 -0.92: Deutsche Bank downgraded to Sell from Hold based on its belief that the current share price does not reflect the deteriorating business fundamentals; firm believes that the RBOCs business model can be rebuilt, but firm says this case cannot be made for AT&T, as the rebuilding of its business is far more challenging and it is facing steeply negative longer-term growth rates. Target is $17.

NII Holdings (NIHD) 96.51 +4.32: Legg Mason reiterated BUY. Target $92 to $122. Cites stronger than expected Mexican sub growth and currency-adjusted growth in Mexican ARPU.
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