More Trouble Comes to S-A9/16/2001 8:00 PM Eastern
ABN-AMRO lowered its rating on Scientific-Atlanta Inc. to "reduce" from "hold" and also dropped its earnings and revenue estimates for the cable set-top box maker. S-A has been hit hard by downturns in the market, and late last month said it would not meet already lowered expectations for revenue and earnings in the first quarter. In a report, AMN-AMRO analyst Kenneth Leon lowered his 12-month price target for the stock to $12. S-A closed at $17.63 on Sept. 10, up 13 cents. Leon also reduced earnings estimates for fiscal year 2002 to 75 cents per share, down from $1.25. He also lowered revenue estimates for 2002 to $1.6 billion, compared to $1.78 billion last year.