), as well as its $24 price target on the stock.
Analyst Bill Gildea says Alcatel (ALA
) will buy Spatial Wireless, a major customer of Tekelec. He notes the company's Santera/Media Gateway 8000 is an integral part of Spatial's Atrium Wireless Solution; revenue from the partnership is intact for at least three of four quarters, and Alcatel could expand. However, the risk to the Tekelec story has increased; the company needs to prove it can diversify the Santera customer base and meet Alcatel's requirements. Gildea says it would have been better for Tekelec to buy Spatial, but he still likes its core business, and suggests investors give management time to show they can steer Santera to customer diversification and profitability.