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Banc of America Lowers Sun Microsystems to 'Neutral'

Banc of America downgraded Sun Microsystems (SUNW) to neutral from buy.

Analyst Keith Bachman says since his upgrade, he has renewed concerns about the long-term stability of Sun's core Unix business. He had previously assumed the companys' core business would be stable in 2004.

Given the weak relative performance by Sun in the current quarter, Bachman says he can no longer support the thesis that Sun can hold share in storage or Unix, and gain share in the Linux market, on a long-term basis. He cut the 4 cents calendar 2004 loss estimate to a 9 cents loss, due to both lower revenue and margins. He cut the $6.25 target to $5.

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