) to strong buy from buy.
Analyst Lara Warner says the company is poised for multiple expansion as it continues to deliver accelerating revenue and cash flow growth. She notes that the deployment of high speed data continues to exceed expectations. She believes more realistic expectations for margin expansion are now priced into the stock.
Finally, Warner believes the company's equity offering is not imminent, and may not take place until mid- to late 2002 or 2003, diminishing the chance of a materially better entry point. Shares are trading at 16 times the 2001 cash flow, one of the lowest multiples in the group. She has a $33 target.