Rochester, NY 8/4/2009 8:36:42 PM
Tellabs, Inc., TLAB - Shares Retreated Analyst downgrade Issues
Tellabs, Inc.
Tellabs, Inc., TLAB
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Shares of Tellabs Inc. retreated Tuesday after an analyst downgraded the telecommunications equipment maker, noting that the stock has grown well ahead of the S&P 500 and most market indices year-to-date.
Lawrence M. Harris, an analyst with CL King & Associates, lowered his rating on Tellabs to "Neutral" from "Accumulate." He also lowered his 2009 profit and revenue estimates. He now expects a profit of 23 cents per share for the year, down from 25 cents per share, on sales of about $1.51 billion, down from about $1.53 billion. Analysts polled by Thomson Reuters are predicting, on average, a profit of 23 cents per share on sales of $1.51 billion.
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