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Baird Cuts Tekelec to Neutral


From Standard & Poor's Equity Research

Baird downgraded Tekelec (TKLC) to neutral from outperform, citing "depressing financial results" and "dismal visibility."

Analyst Kenneth Muth feels it's best to move to the sidelines until new management can restore confidence, which could be in 2007. He says the company didn't offer forward guidance due to revenue recognition volatility, and he notes that the company's first quarter revenue is down 39% quarter over quarter. As such, he says his new estimates are uncertain and conservative. He slashes his 50 cents 2006 earnings per share (EPS) estimate to a 38 cents loss, and his 75 cents 2007 EPS to a 26 cents loss (excluding options expense.) His $18 stock price target moves to $9.


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