Lucent shares slide on downgrades
Lucent Technologies shares have been hit hard after Morgan Stanley and ABN AMRO downgraded the company’s stock Monday.
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ABN AMRO not only cut its rating on Lucent to “hold” from “add” but altered its fiscal 2002 estimate to a loss of 53 cents per share from a previous forecast of a loss of 39 cents per share. Morgan Stanley changed its rating to “neutral” from “outperform.”
On the news, Lucent shares fell to $7.88 per share at the close of trading today after closing at $8.39 per share on Friday.
Despite the downgrades, some industry observers remain encouraged by Lucent’s new product portfolio and restructuring progress. There also is confidence that the company will fine in the long run because of its strong ties to the larger telecom providers, its next generation of products and ongoing restructuring.
--Kelly Carroll, staff writer
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© 2012 Penton Media Inc.
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