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Strategies & Market Trends : Angels of Alchemy -- Ignore unavailable to you. Want to Upgrade?

To: lexi2004 who wrote (20184)	11/14/2000 9:37:07 AM
From: vagabond	Respond to of 24256

Lehman analyst cuts Global Crossing target... ================ (REUTERS) RESEARCH ALERT-Global Crossing price target cut NEW YORK, Nov 14 (Reuters) - Lehman Brothers analyst Daniel Fletcher on Tuesday cut his price target for high-speed communications network service provider Global Crossing Ltd. <GX.N>. In a report, Fletcher cut the 12-month price target to $28 from $50. He kept his outperform rating on the shares. After markets closed on Monday, Global Crossing said its third-quarter loss widened as the cost of building its high-speed communications networks offset surging data sales. "With ample evidence of extreme competition in U.S. (long-distance) and data markets, we believe current 2001 expectations will prove aggressive and we are reducing our estimates and target," Fletcher wrote. He revised his outlook for 2000 to a loss of $2.53 per share from a loss of $2.15. His estimate for 2001 is a loss of $2.80 a share. Global Crossing shares closed on Monday at $17-9/16. ((--Wall Street desk, (212) 859-1730, fax (212) 859-1739)) REUTERS