Triton PCS Holdings (TPC ) was lower after Lehman cut the provider of wireless personal communications services to market perform from strong buy.
Analyst John Bensche said he made the downgrade given the rich valuation and the low likelihood of a takeout of the company by AT&T Wireless Services. He doesn't think AT&T Wireless' purchase of Telecorp PCS increases the likelihood of AT&T Wireless acquiring Triton. Bensche also doesn't think Triton currently fits the acquisition criteria laid out by AT&T Wireless.
The analyst raised his private-to-public market discount to 20% from 0%, accordingly cutting his price target for the stock to $38 from $48. He added further price appreciation will be hard to generate on fundamentals alone.