Press: "strong buy" & "good opportunity"
Tuesday, October 03, 2000
COVD at 52-week low
--1:02 pm - By Michael Baron
Covad Communications (COVD: news, msgs) is falling $1.69, or 14.1 percent, to $10.31, building on a drop of over 10 percent Monday. Earlier in the session, the shares hit a 52-week low of $10.12. A spokesperson for the Santa Clara, Calif., provider of broadband services wasn't immediately available for comment. Michael Renegar, an analyst with C.E. Unterberg, Towbin, said there wasn't any material reason for the recent weakness in stock. He attributed the selling to possible apprehension about the company's growth rate and general weakness in the sector. "Investors seem to be waiting for the company to put together a few solid quarters," said Renegar, who has a "strong buy" rating on Covad. "There has been some confusion about what kind of subscriber growth Covad expects in the near-term." However, Renegar said the recent dip represents a "good opportunity" to own the stock.
www2.marketwatch.com
Regards - Dale |
