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CS First Boston Downgrades RadioShack

CS First Boston downgraded RadioShack (RSH) to hold from buy.

On Friday the electronic-goods seller forecast $0.31-$0.33 1Q EPS vs. year ago's $0.34. Analyst Gary Balter says he sees RadioShack as a company in transition. He says its residual model that proved so successful with the original Sprint deal is for the first time less predictable. He also notes that some other areas, including PCs and DSL services, are suffering from slower macro demand.

Balter says slower growth in wireless is leading to more promotional activity to keep those comparisons in the right range. He notes management's caution, combined with his concerns on the macro picture and balance sheet, as the primary reasons for moving the rating to hold.

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