Markets & Finance

Salomon SB Sees Growing Pains for Wireless Services

Wireless stocks such as Triton PCS (TPC) fell Monday after Salomon Smith Barney says the wireless services industry may be susceptible to growing pains in the near term.

Analyst Michael Rollins says subscriber growth may decelerate at a slightly faster rate than previously forecast. He notes that opportunities for long-term growth within the wireless sector remain favorable, but the latest channel checks suggest industry net additions for the fourth quarter may fall short of 6.7 million net add estimate.

He says industry growth is likely to be modestly slower in 2002, while industry free cash flow is delayed until 2003. He says carrier forecasts need to reflect either modestly lower net adds or margin dilution.

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