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Robbie Stephens Cuts Foundry Networks to 'Market Perform'

Robertson Stephens downgraded Foundry Networks (FDRY) to market perform from strong buy.

Analyst Paul Johnson says the company's performance in September and December quarters leads him to believe Foundry has lost material market share, indicating growth may prove difficult for the company in the coming quarters. Additionally, the company's financial returns have eroded materially, causing further caution. He notes management gave no guidance on the call, and he believes the company has minimal visibility into the first quarter. He cut his $0.28 2002 EPS estimate to $0.05, and trimmed the $0.58 2003 estimate to $0.11. Johnson also cut the $18 target to $10.

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