CS First Boston downgraded Global Crossing (GX ) to hold from buy.
Analyst Daniel Reingold says he downgraded the stock given its multiple negative factors. He notes slowing industry demand, unpredictable pricing and lower-than-expected recurring revenues -- all of which have translated into disappointing recurring revenues -- increased dependence on revenues derived from capacity swaps.
Reingold cut the 2001 loss estimate to $3.09 and sees a 2002 $2.69 loss. He cut the 2001 cash revenue estimate by 10%, and trimmed the 2001 adjusted EBITDA by 16% and cut the 2001 capital expenditures estimate by $500M.