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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: John Paquet who wrote (53384)9/5/2001 7:15:08 AM
From: Al Collard   of 62348
 
UBS Warburg

downgraded its price target Tuesday for Nortel Networks shares to $7.15
(U.S.), from $8.50 (U.S.). The Globe's Simon Tuck writes that after the UBS
news investors knocked Nortel's shares price back to its lowest point since
Sept. 19, 1996. UBS said it now forecasts that United States capital
spending will fall by 14 per cent in 2002, compared with this year, a drop
from UBS's previous estimate of a spending fall of between 5 per cent and
10 per cent. UBS also said it is chopping its target for Nortel revenue to
$20.2-billion (U.S.) and $20.1-billion (U.S.) for this year and next year,
to $19.9-billion (U.S.) and $18-billion (U.S.). Six weeks ago Nortel said
it did not expect "meaningful growth" in its customers' spending until the
second half of fiscal 2002. However the latest evidence suggests the market
may get worse before it stages a comeback, says The Globe. UBS said Nortel
could respond to its customers' continuing spending slowdown by making
further cost cuts and other strategic moves to generate cash.
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