New UBS Analyst on NT

Nortel will now be covered at UBS Securities by Robert Dennison and Nikos Theodosopoulos. UBS’ thesis on Nortel has not changed. The investment firm believes CEO Mike Z. is taking “aggressive measures to rightsizing” the company’s business model and restructuring operations. “Mike Z” is initially targeting an operating margin in the mid-teens, and we believe the only way NT can achieve this is to focus the product portfolio on specific market segments,” UBS said in a new report. “His strong management style may be a turnaround catalyst.” UBS has a target price on NT shares of $3.50.

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