Thomas Weisel Lowers Wireless Facilities

Analyst James Linnehan based his downgrade on the industry-wide slowdown, since the firm wouldn't provide guidance

Thomas Weisel downgraded Wireless Facilities (WFII ) to market perform from buy.

Analyst James Linnehan says the shortfall is due to the same old problems everyone has been hearing about: customers slowing or postponing deployment of their wireless networks. He says Wireless Facilities is not giving any guidance nor scheduling a conference call so he really has no way of valuing the company. Management credibility is a big issue.

Based strictly on internal projections, Linnehan cut the $1.01 2001 cash EPS estimate to $0.10, and slashed the $380 million revenue to $230 million.

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