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Wachovia Keeps 'Outperform' on Advanced Fibre

Wachovia keeps its outperform rating on Advanced Fibre Communications (AFCI).

Advanced Fibre will acquire North American Access. Analyst Richard Church believes this deal is positive and makes financial sense since the unit profitable. The deal is expected to be accretive immediately.

Church notes it gets Advanced Fibre entry into BellSouth, which accounts for more than 50% of Marconi unit's revenue. He says Advanced Fibre also gains Marconi's fiber-to-the-curb solution, which may turn out to be a more justifiable alternative to fiber-to-the-premises for some carriers. Finally, it removes a re-emerging competitor.

He says with a recent pullback in the stock, Church believes shares attractively valued. He'll adjust his model after the deal closes.

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