) to neutral from outperform.
Analyst Alex Henderson says the company's first quarter preannouncement was disappointing vs. his estimate of breakeven on $49 million revenue. He notes management primarily attributed the miss to sustained weakness in carrier capital spending, as well as seasonal weakness in Japan and further deployment pushout in China. Henderson thinks near term catalysts are limited, it is apparent that RBOC deployments are unlikely until at least 2003. He cut his $6 target to $3.