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Kaufman Upgrades Global Crossing

Kaufman Brothers upgraded Global Crossing (GX) to buy from accumulate.

Analyst Vik Grover says the network links over 200 major cities in Europe, North America, South America, and Asia. He notes the project, which was completed in less than four years on budget, is on time, which paves the way for Global Crossing to complete the quantum leap from construction mode to full operating mode -- targeting carriers, service providers, and medium-and large-size enterprises. He says the company already has recouped more than half of its construction costs through sales to major carriers, institutions, corporations and others. Grover has a $16 target.

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