Markets & Finance

Goldman Sachs Downgrades Universal Access

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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