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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: George Schulte who wrote (46563)	1/17/2002 9:15:22 AM
From: Bocor	Read Replies (1) of 65232

Redback downgraded despite in line Q4 Redback Networks (RBAK) is sliding 68 cents, or 12 percent, to $5.18 in pre-open trading, after the maker of equipment for high-speed networks reported fourth-quarter results late Wednesday. Although losses and revenue for the period were roughly in line with expectations, analysts from Morgan Stanley and WR Hambrecht followed by downgrading the stock, citing valuation. Morgan's Christopher Stix cut his rating to "neutral" to "outperform," and raised his 2002 and 2003 loss estimates to 58 cents a share from 50 cents a share and 23 cents a share from 7 cents a share, respectively. He believes the stock is already reflecting fair value. WR Hambrecht's Tim Savageaux downgraded the stock to "neutral," from "buy," as the stock had already "eclipsed" his $5 price target.

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