Nortel a “Great” Stock

Nortel seems to be gaining some admirers as it battles to re-invent itself (again!). MSN Money has a story that George Putnam, who publishes The Turnaround Letter, believes it's time to buy Nortel because its accounting woes are close to disappearing despite the most recent restatement. Putnam likes the turnaround job being done by Nortel CEO Mike Zafirovski, and believes growing demand for neworking equipment will help Mike Z.'s efforts. Putnam thinks Nortel stock could more than double over the next year or two, which makes him far more bullish than financial analysts who don't see Nortel climbing over $5 within the next 12 months.

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