CS First Boston cut estimates on Nortel Networks (NT).
Analyst James Parmelee says he's decreasing the 2001 sales projections to $22.4 billion from $24.9 billion, and widening the 2001 loss to $0.65 from $0.31. He says he estimates that Nortel will be impacted by weakness in the long-haul optical market as well as ongoing deterioration in macro-service provider capital spending trends. He says that Nortel's recovery will be gradual and protracted and the recovery period will be shorter compared to other system integrators.
Parmelee cut the $25 target to $13.