December 16, 1999 08:33
Sutro & Co Lifts Price Targets On Ortel, Nortel Networks (ORTL,NT)
(NewsTraders.com)-- Ortel Corp. (ORTL) had its price target doubled today to $140 from $70 by Sutro Co. analyst Patrick Houghton, who maintained a "buy" rating on the stock.
"Given the strength of market growth we are seeing in the industry, together with the operations recovery that we are witnessing within Ortel, we believe that Ortel could trade to a valuation closer to its peers in the industry," Houghton said in a research note.
Based in Alhambra, Calif., Ortel makes a broad range of linear fiber optic products.
Houghton also raised his price target for telecom equipment maker Nortel Networks (NT), hiking it to $115 from $70 while keeping a "buy" recommendation on the issue.
The analyst said the company's $3.25 billion acquisition of Qtera Corp. will provide it with an advantage in delivering improved Internet performance and economics to long-range networks.
Houghton maintained his 1999 and 2000 EPS estimates at $1.00 and $1.26, respectively. |
