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First Albany Downgrades Photon Dynamics

Photon Dynamics (PHTNE) affirmed its second-quarter view, and sees 26 cents to 29 cents third-quarter loss per share. First Albany downgraded the stock to neutral.

Analyst Auguste Richard says he is disappointed with the company's progress toward profitability, and has cut his estimates further. He notes the company's latest guidance cites a third-quater restructuring charge, lower gross margins, and other negative factors.

Richard thinks the lack of earnings power will keep the shares range-bound, even though demand for flat panel equipment is strong. Given that the shares are at the high end of their trading range, he downgrades from buy.

Following guidance, he widens his 47 cents fiscal year 2005 (September) loss per share estimate to a $1.28 loss, and cut $139 million revenue forecast to $127 million. He also cut his $1.04 fiscal year 2006 EPS estimate to 70 cents EPS, and sees $200 million in revenue.

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