Data Surge Elevates Cox7/20/2003 8:00 PM Eastern
Prudential Securities analyst Katherine Styponias maintained a "buy" rating on Cox Communications Inc., but raised her target on the stock from $35 to $43, citing strong high-speed data growth.
The analyst estimated that Cox would add about 56,000 data subscribers, 110,000 high-speed data customers and 59,000 telephony subscribers in the second quarter. Cox is scheduled to release its second-quarter results on July 30.
Styponias expects second-quarter revenue of $1.44 billion (up 16%) and cash flow of $506 million (up 15%). For the full year, Styponias estimates revenue of $5.85 billion (up 16%) and cash flow of $2.1 billion (up 17%).
"Our full-year estimates are now higher than guidance, which we believe could be raised on the 2Q conference call," she wrote.