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Robbie Stephens: Still Buy Tellabs

Robertson Stephens reiterated its buy rating on Tellabs (TLAB) and trimmed the $2.17 2001 EPS estimate to $2.10.

Analyst Paul Silverstein says the shortfall is due to a slower recovery of revenues from Cablespan cable telephony systems and a delay in revenue recognition from TITAN 6500. While management trimmed guidance, the firm noted robust demand for the family of TITAN optical networking systems.

Silverstein reiterated his buy rating and says he would take advantage of any weakness resulting from this relatively modest change in outlook. He believes the stock offers an attractive risk/reward ratio, with shares trading at a modest price to the 2001EPS ratio of close to 20 times.

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