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Short Take: Analyst downgrades telecom stocks

Investment firm CIBC Oppenheimer cut its ratings for much of the telecom sector, including Ameritech, Bell Atlantic, BellSouth, GTE, MCI WorldCom, and SBC Communications. Analyst Timothy Horan said the downgrade would be only in the near-term, based on the stocks' recent strong performance. He added that the companies would likely outperform the market by the second half of 1999.

Investment firm CIBC Oppenheimer cut its ratings for much of the telecom sector, including Ameritech, Bell Atlantic, BellSouth, GTE, MCI WorldCom, and SBC Communications. Analyst Timothy Horan said the downgrade would be only in the near-term, based on the stocks' recent strong performance. He added that the companies would likely outperform the market by the second half of 1999.