Kaufman Bros. downgraded Covad Tues. to ‘hold’ from ‘buy,’ citing...
Kaufman Bros. downgraded Covad Tues. to “hold” from “buy,” citing lower-than-expected line count. Kaufman analyst Rick Grubbs said Covad in preliminary 4th-quarter results issued Mon. missed its forecast for adding new lines, coming in at 26,000 instead of the…
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35,000-38,000 it had estimated. “Management cited competitive pricing pressures from the RBOCs and cable companies for the lower-than- expected line count and higher churn rate,” Kaufman said in a report.