Merrill Boots Nortel From Techfolio, Adds Extreme (EXTR)
Newstraders - Friday, February 16, 2001
(NewsTraders.com)--Nortel Networks' (NT) disappointing quarterly results Thursday night spurred Merrill Lynch analysts to not only downgrade the stock but to remove it from the firm's prestigious Techfolio list, where it has been replaced by networking firm Extreme Networks (EXTR).
Earlier today, NewsTraders reported that Merrill's Tom Astle had downgraded Nortel.
Merrill's Steve Milunovich added Extreme Networks to the firm's technology-laden Techfolio; analysts Sam Wilson and Michael Ching currently rate Extreme at intermediate-term "accumulate" and long-term "buy."
According to Wilson and Ching, Extreme is a leader in ethernet routing, and they are bullish on its increasing role in the WAN, MAN and SAN markets.
Extreme joins nine other stocks in the Techfolio: Avnet Inc. (AVT), Cadence Design Systems (CDN), DST Systems (DST), EMC Corp. (EMC), Micron Technology (MU), Sanmina (SANM), SAP AG (SAP), Solectron (SLR) and Texas Instruments (TXN). |
