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JP Morgan Cuts Symbol Tech Rating

Symbol Technologies (SBL) cut its second quarter revenue outlook. It also named a new chief financial officer. JP Morgan cut its rating on the shares to neutral from overweight.

Analyst Paul Coster says he downgraded the shares following a second negative intra-quarter preannouncement and the unexpected departure of the company's CFO. He trimmed his second quarter EPS forecast by 1 cent to 2 cents his 2005 forecast by 2 cents to 28 cents, and his 2006 forecast by 1 cent to 50 cents, which assumes that new products boost growth next year. At yesterday's close, the shares traded at about 44.5 times his revised 2005 EPS estimate and 24.9 times his 2006 forecast -- multiples that are likely to contract in view of the preannouncement. Therefore, Coster believes the stock is too risky at current multiple levels. The analyst is waiting for evidence of improving execution.

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