Goldman Sachs Downgrades Universal Access

Analyst Matthew Janiga says the market looks weak for the business-to-business telecom services firm

Goldman Sachs removed Universal Access (UAXS ) from its recommended list and now rates market perform.

Analyst Matthew Janiga says he downgraded the company due to the increased risk of overarching industry concerns such as network consolidation, a weaker market for competitive carrier services and Internet infrastructure services, as well as on-going issues such as ICGE ownership and funding status.

Janiga maintains his below-guidance estimate of a $0.56 2001 loss per share on $149 million in revenues, but widened the $0.03 2002 loss estimate to a $0.11 loss and cut the $313 million revenue estimate to $254 million due to uncertainty surrounding the success of various initiatives such as CORE and Equal Access.

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