3Com <COMS.O> Q3 EPS estimate cut by Merrill Lynch
NEW YORK, March 2 (Reuters) - Merrill Lynch computer
networking analyst Joseph Bellace, Tuesday cut his fiscal third
quarter and full year earnings estimate on computer networking
company 3Com Corp. <COMS.O>, the brokerage confirmed.
While Merrill Lynch could not confirm the actual size of the
reductions, a research note obtained by Reuters showed Bellace
reduced his EPS estimate for the third quarter, which ended Feb.
28, to a range between $0.28 and $0.32 from his previous estimate
of $0.36.
The current First Call third quarter consensus estimate is for the
company to earn $0.36 a share.
3Com's stock was down $3.94 at $26.75 in late Nasdaq trading.
According to the research note, Bellace, who maintains an
accumulate rating on the stock, also reduced the fiscal year 1999
earnings estimates to a range between $1.30 and $1.40 from $1.35
and $1.40. The fiscal 1999 First Call estimate is $1.38.
The note also said Bellace cut revenue estimates for the third quarter
to $1.48 billion from $1.54 billion.
"Historically, February is the weakest quarter for 3Com," the note
said.
((Daniel Bases, Wall Street Desk 212-859-1718))
REUTERS
Rtr 16:18 03-02-99
o~~~ O |
