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.