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Southwest Downgrades Black Box to 'Neutral'


Southwest Securities downgraded Black Box (BBOX) to neutral from strong buy.

Analyst Robert Damron says management indicated that business conditions across most end markets have weakened further this quarter, and he thinks this negative trend may continue for some time.

Damron says a recent survey suggests Black Box, a maker of network infrastructure systems, is not alone. Given the news that Black Box is cutting its fourth quarter outlook, Damron reduced the $2.90 fiscal 2003 (Mar.) earnings per share estimate to $2.70, and cut the $3.20 fiscal 2004 estimate to $2.40. He expects the shares to settle in the high $20s to about $30 after the dust settles, and then expects shares to tread water from that.


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