And we "slumped" today. More than 12 whole cents. Sound the alarms!!
Lehman's Steven Levy, spurred by valuation concerns, insisted that Lucent, in contrast, was too pricey at 40-to-50 times 1999 earningsestimates, and renewed his neutral rating.
''Simply put, we do not think that investors should be paying a price-earnings multiple of forward 12 months earnings ... thatsignificantly exceeds its forecasted sustainable earnings growth rate,'' he said.
Lucent's rising accounts receivable levels at the end of the December quarter reinforce his concerns about valuation, he said.
Other telecom equipment companies slumped on Thursday, including Ascend Communications Inc. (Nasdaq:ASND - news), off $5.06 to $78.81, and Tellabs Inc. (Nasdaq:TLAB - news), down 12.5 cents to $82.125.
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