OTTAWA—While maintaining a “buy” rating, Credit Suisse First Boston cut its share target on Nortel Networks to $5 for between 12 and 18 months.
CSFB analyst James Parmalee cut his loss estimate for 2002 to 27 cents per share from 32 cents per share and slashed his 2003 target to 5 cents per share from 10 cents per share.
“We project Nortel will remain in full compliance with its minimum consolidated tangible net worth covenant of $1.88 billion (current calculation equals $4.37 billion),” wrote the analyst.
