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Prudential Slices CNET Estimates

Prudential Securities cut its estimates on CNET Networks (CNET).

Analyst Bill Lerner says the media company's Q4 is solid, however, its guidance for 2001 was worse than expected. Lerner says not unlike other ad-based media, CNET's visibility on ad contracts has suffered -- given the likely bleak 2001 ad-spending environment. He cut his $580 million 2001 revenue estimate to $465 million, and cut his $0.51 EPS to $0.21. Lerner maintained his strong buy rating and his Single Best Idea rating. He believes a substantial amount of revision is reflected in CNET's shares. Lerner adds that the company remains the clear leader in technology vertical, with still robust long-term growth prospects. Finally, Lerner notes CNET's enviable balance sheet.

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