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RW Baird Cuts Earnings Forecast for Lucent

Lucent Technologies (LU) says it expects "modest to 10%" second quarter sequential revenue gain, down from its previous outlook of 10% to 15% revenue growth from the first quarter.

RW Baird cut its earnings estimates on the news. Analyst Theodore Moreau says the company pushed out profitability and positive cash flow time horizon to fiscal year 2003. Additionally, the timing of the Agere spinoff has slipped by one quarter to the third quarter as the company most likely will not meet positive EBITDA requirement in the quarter.

The analyst widened his $0.59 fiscal year 2002 (September) loss per share estimate to $0.64, and cut his $0.05 fiscal year 2003 EPS to breakeven. He remains cautious near term, but maintains his long term outlook. He believes the company will reemerge as an industry leader once the industry recovers, which will be most likely in late 2002 or early 2003. He maintains his market outperform rating and $9 price target on the stock.

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