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Dresdner Cuts Ciena to 'Sell'

Dresdner cut Ciena (CIEN) to sell.

Analyst Ariane Mahler says investors should avoid Ciena until greater clarity on benefits of the ONI Systems merger. She thinks ONI's contribution to new contract activity will be disappointing, and she says she's not impressed by the company's cost-cutting measures -- and expects several quarters of losses. Mahler says the only positive in the deal is the addition of ONI's cash; although this ensures survival, Mahler says she's concerned that the next few quarters will bring more disappointments than catalysts. She widened her $0.71 fiscal 2002 (Oct.) loss estimate to a $0.77 loss, and trimmed the $0.45 fiscal 2003 loss to a $0.59 loss, and cut the price target to $3.50.

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