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Robbie Stephens Keeps 'Strong Buy' on Riverstone Networks

Robertson Stephens keeps its strong buy rating on Riverstone Networks (RSTN).

Analyst Paul Johnson says on the near term, the company's only stable geographic region is in Asia, leaving the company highly susceptible to sudden changes in Chinese or Korean telecom capital spending trends. In Europe and North America, the company appears to be the victim of a tightened carrier capital spending environment.

On a more positive wavelength, he notes Riverstone is taking measures over the next two quarters to cut operating expenses and variable costs; the company expects to reach profitability within fiscal 2003 (Feb.). Johnson says he's encouraged by these actions, although he maintains his $0.01 fiscal 2003 loss estimate.

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