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Thomas Weisel Lowers Wireless Facilities

Thomas Weisel downgraded Wireless Facilities (WFII) to market perform from buy.

Analyst James Linnehan says the shortfall is due to the same old problems everyone has been hearing about: customers slowing or postponing deployment of their wireless networks. He says Wireless Facilities is not giving any guidance nor scheduling a conference call so he really has no way of valuing the company. Management credibility is a big issue.

Based strictly on internal projections, Linnehan cut the $1.01 2001 cash EPS estimate to $0.10, and slashed the $380 million revenue to $230 million.

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