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Goldman Removes CNET Networks from Its Recommended List

Goldman Sachs removed CNET Networks (CNET) from the firm's Recommended List, and now rates the shares of the technology media company market outperform.

Analyst Tonia Pankopf remains cautiously optimistic that CNET should not miss by a wide margin her Q4 estimates of $123.6M in revenues and $0.10 EPS. However, given the slowing economy -- and the attendant softening market for advertising -- she cut her above-consensus $0.58 2001 EPS estimate to $0.33 and her $605.2M revenue forecast to $522.6M.

Pankopf still thinks CNET offers advertisers a cost-effective means to reach both consumer and corporate buyers throughout the information technology supply chain, but says the company cannot be immune from the recent deterioration in IT and ad spending. She downgraded the shares due to a likely slower first half of 2001, and a lack of second-half visibility in the IT and ad markets.

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