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Robbie Stephens Downgrades Redback Networks

Robertson Stephens downgraded Redback Network (RBAK) to market perform from buy.

Analyst Paul Johnson says the company's guidance is significantly below his $0.11 loss estimate. He notes Redback attributed its revenue shortfall to a slowdown in carrier capital expenditures and push-out of orders by its customers. He says while he thought the company would be a metro optical concern with a focus on layer three service provisioning, he thinks the company's SmartEdge sales have clouded this progression. He notes Redback provided no guidance beyond Q2, stating that visibility was poor over the next few quarter. He widened his $0.36 2001 loss estimate to $0.83, and widened the $0.08 2002 loss estimate to a $0.68 loss.

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