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Lehman Upgrades Sycamore to 'Strong Buy'

Lehman Brothers upgraded Sycamore Networks (SCMR) to strong buy from market perform.

Analyst Steven Levy says based on an analysis of the company's January quarter results, Sycamore appears to have found some sales stability at around $20 million per quarter. Levy says he's highly encouraged by Sycamore's newly forged relationships with incumbent carriers such as NTT in Japan, Vodaphone in the United Kingdom, plus the existing relationship with BellSouth, but thinks more significant opportunities with these customers are longer term. Sycamore continues to enter increasing numbers of trials across the globe with incumbent carriers, which he finds quite promising.

Levy says shares attractive from a risk/reward ratio; he set a $5.50 target.

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