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CE Unterberg Cuts Estimates on ADC

From Standard & Poor's Equity Research

CE Unterberg slashed its estimates on ADC Telecommunications (ADCT), after the company on Aug. 29 reported third quarter results.

Analyst Rich Church says results came out above estimates but the fourth quarter outlook was below. While the analyst expects to see the company have growth in 2007, the timing of its carrier rollouts is unclear. Church cautions that regulatory uncertainty in Europe is affecting carrier deployment and timing decisions. The analyst cuts a calendar year 2006 earnings per share (EPS) estimate to 89 cents, a calendar year 2007 EPS estimate to $1.00, and a price target to $16 per share. Church maintains a buy rating based on the stock's valuation and long-term fundamentals.

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