S-A Takes a Tumble Following Downgrade11/10/2002 7:00 PM Eastern
Deutsche Bank Securities Inc. lowered its rating on cable set-top box manufacturer Scientific-Atlanta Inc. from "buy" to "hold," citing a decline in basic set-top sales. In a research report, DB analyst Peter Ausnit maintained his 12-month price target of $13 on the stock. Ausnit added that he expected a seasonal uptick in digital set-top sales to Cablevision Systems Corp. and Adelphia Communications Corp., but said he remained cautious on international sales. S-A shares fell nearly $1 each on the news — to $12.99 from $13.97 on Nov. 5 — but rose to $13.27 in 4 p.m. trading the next day.