Posted AT 12:19 PM EST on 13/11/08
RBC analyst cuts Nortel stock target to $0
Warning that bankruptcy is a “distinct possibility” for Nortel Networks Corp., RBC Dominion Securities Inc. slashed its price target for the ailing telecommunications company to $0.
“The world moved on while Nortel was stuck in restructuring mode, and the lack of financial flexibility means Nortel has to rely on asset sales to fund future operations,” analyst Mark Sue wrote in a note to clients.
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