Bilotti Touts Cox8/12/2001 8:00 PM Eastern
Morgan Stanley Dean Witter cable analyst Richard Bilotti upgraded his rating on Cox Communications Inc. from "outperform" to "strong buy," citing a shift in the company's second-quarter strategy that places more emphasis on generating cash flow than on revenue growth. In the second quarter, Cox's cash flow rose 13 percent and revenue rose 14 percent. Bilotti predicted Cox would have revenue and cash-flow growth north of 15 percent next year. He upped his 12-month price target on the stock to $45 and said it could hit $54 in the next 18 to 24 months. Cox closed at $41.25 on Aug. 7, up 11 cents.