Markets & Finance

Advest Raises Sonus Networks to 'Buy'

Sonus Networks (SONS) posted 1 cent per share loss in the second quarter, vs. 9-cents loss a year ago, on flat revenue. Advest upgraded the stock to buy from neutral.

Analyst Herbert Tinger says second-quarter results beat his and the consensus estimates; this is the third straight quarter of strong sequential revenue growth and narrower losses He notes the company also said Verizon Communications (VZ) is already carrying long distance traffic using its infrastructure and is in process of expanding its network footprint. He says Verizon was 10% of revenue customer in the second quarter; and given ongoing network expansion, it should be a significant customer in future quarters as well.

Tinger raised his 2003 revenue estimate by $16.6 million to $89.4 million, and by $90 million in 2004 to $110 million. He narrowed his 2003 9-cent loss estimate to a 5-cent loss, and 7-cent 2004 loss to 2-cents loss.

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