Sagawa Upgrades Nortel

Sanford Bernstein analyst Paul Sagawa has upgraded Nortel to "market perform", citing the fact the shares trade at their break-up value. "Given this, we believe further downside is limited, with the price reflective of several negative events on the horizon, including the upcoming dilutive issuance of 628.7 million shares, Securities and Exchange Commission and Ontario Securities Commission fines that could top $100 million, and continued operating cash burn," he said in a research report.

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