JP Morgan Downgrades Broadwing to 'Long-term Buy'
JP Morgan downgraded Broadwing (BRW ) to long-term buy from buy.
Analyst David Barden says he lowered the 2001 and 2002 financial outlook for emerging companies he covers in anticipation of more pre-announcements and downward EPS revisions revolving around the Q3 reporting season. Barden says in light of the increased pressure that weaker financials place on financially stressed companies and the revised business plans this stress can trigger, he would view the upcoming Q3 reporting season with a high degree of caution. As a result, he also downgraded Tycom (TCM ), XO Communications (XOXO ) and Global Crossing (GX ).