Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

BofA Downgrades Network Associates to 'Neutral'


Banc of America downgraded Network Associates (NET) to neutral from buy.

The maker of network security products posted 26 cents fourth quarter earnings per share vs. a three-cent loss.

Analyst Bob Stimson says despite the slightly better results, a lack of significant upside in the current quarter and a lack of clear growth catalysts should keep the company's shares range-bound over the near-term. Therefore, he is taking profits and moving to the sidelines.

Since the stock hit bottom in October 2002, shares have more than doubled. As such, Stimson cut his $22 target to $20. Given the lack of near-term growth catalysts, he thinks shares will continue to trade at a discount to peers, at about 20 times the 90 cents 2004 fourth quarter estimate.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus