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twitterBrief: Cox Communications stock downgraded
Wednesday, Oct. 7, 1998 | 2:23 a.m.
Charles Simonds, a researcher for Salomon Smith Barney, said analyst Spencer Grimes downgraded the stock from a "buy" rating to "outperform" based on valuation of the stock this week and the outlook for next year.
"We're very bullish on it long term, but '99 does not look as good for cash flow as it once did," Simonds said.
Gary Farber, an analyst at SG Cowen, also downgraded the stock from "strong buy" to "buy."
Cox last week acquired a majority interest in the Prime Cable television system in Las Vegas. Its stock traded this morning at $51.625, down 50 cents; after falling $4.81 Tuesday.
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