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Oh My, 80 cents
Nortel shares hit an intra-day low of 80 cents before recovering to 85 cents, which gives it a market capitalization of $425-million.
Clearly, yesterday’s announcement did little to provide investors with enough confidence that Nortel has a plan in place to get back on the right track. The question is what were investors looking for Nortel to do, and/or whether anything would have been enough to bolster their confidence.
For what it’s worth, Scotia Capital analyst Gus Papageorgiou rates Nortel as an “underperform” with a target price of C$1.75.
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