Nortel: Another Day, Another Downgrade

Merrill Lynch telecom equipment analyst Vivek Arya cut his rating on Nortel today to Underperform from Neutral, and cut his price target to $7 from $8.50. He says the move “is triggered by a combination of increased caution regarding Nortel’s 2009 prospects, as well as realignment of our coverage cluster related to our recent upgrade of Motorola.” Arya notes that the Street’s 2009 estimates are not supported by the company’s deteriorating trends in deferred revenues and new orders.

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