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Technology Stocks : Riverstone Networks (RSTN)
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To: Elroy who wrote (167)2/12/2002 2:01:59 PM
From: FNS  Read Replies (2) of 290
 
Elroy: RSTN under pressure again, now via NT and CSFB's price target cut, but has recovered somewhat from low today. Seems to have some legs left...but getting through 12-14 area may take a while and require some good news! - You still hopeful for 10% sequential growth???

<< NEW YORK, Feb 12 (Reuters) - Credit Suisse First Boston said on Tuesday it cut its price target for Riverstone Networks Inc. (RSTN) to $18 from $21, citing a continued slow period in spending by Riverstone's telecommunications carriers customers.

``Given that the outlook for the March quarter was not much better, we see a continued slow period for carrier capex,'' the brokerage firm said in a research note, referring carriers' reduction in spending on capital equipment.

Credit Suisse said it lowered its fiscal fourth quarter 2002 revenues to $63.7 million from $64.9 million and cut its earnings per share to 3 cents from 4 cents.

For the full year 2003, CSFB said it lowered its revenue projections to $312 million from $332 million and reduced its earnings per share outlook to 27 cents a share from 30 cents.

Shares of Riverstone, which makes components for communications networks in urban areas, were down 7.81 percent, or 94 cents, at $11.10 in early trade on the Nasdaq.

REUTERS
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