Wells Fargo cuts Mentor Graphics to "hold"

12/04/02 - Wells Fargo Securities

NEW YORK, December 4 (New Ratings) – Analyst Jennifer Jordan of Wells Fargo Securities lowers the rating on Mentor Graphics Corp (NASDAQ : MENT) from "buy" to "hold."

Mentor Graphic’s shares are currently trading at $11.

According to the report, the company recently reconfirmed its estimated revenue for 2003, which is higher than the analyst’s expectations.

Considering that other analysts on Wall Street are making similarly conservative estimates, the analyst suggests that the share value could fall.

Accordingly, the analyst lowers 2003 EBG estimate to $0.48 from $0.60. Wells Fargo slashes Mentor Graphics Corp from "buy" to "hold."