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WR Hambrecht Cuts ADC Telecom

WR Hambrecht downgraded its rating on ADC Telecommunications (ADCT) to neutral from buy.

Analyst Tim Savageaux says the company's vulnerability to high-level capital spending issues and an increasingly difficult macroeconomic environment leads him to adopt a cautious near-term stance. While he had argued that the company's product and customer breadth would shield it from well-publicized carrier capital spending concerns, he believes ADC's recent results and the lowered guidance from Cisco Systems and Nortel Networks will give broad-based, end-to-end vendors like ADC greater exposure to deteriorating industry fundamentals. Much of the company's business comes from basic infrastructure products, and Savageaux does not believe ADC's exposure to rapidly emerging new markets is sufficient to offset any broad-based weakness.

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