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CS First Boston Upgrades Alcatel to 'Outperform'


Credit Suisse First Boston upgraded Alcatel (ALA) to outperform from neutral.

Analyst Sean Faughnan says he thinks Alcatel should benefit from a market stabilization and recovery as its restructuring efforts will be completed as the market nears its trough. He thinks the company has the strongest balance sheet in the group, and should not continue to trade at a discount to peers.

Although Faughnan will likely move back into a net debt position of 1.1 billion euros in 2003, he believes Alcatel's entirely manageable operating cash flows should be able to cover any upcoming payments.

Faughnan notes Alcatel also has the possibility of raising one billion euros or more from disposals which would further bolster its balance sheet. He raised the 6.8 euro target to 8.7 euros.


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