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Morgan Stanley's gloomy outlook for networking stocks is especially hard on Calix (CALX -9.4%),...

Morgan Stanley's gloomy outlook for networking stocks is especially hard on Calix (CALX -9.4%), which it says is suffering from a delay in government spending on broadband and from weaker spending among telcoms. MS sees capex among carriers slowing in 2012, to +2.2% from +3.5% in 2011. Estimates and price targets also cut for JNPR +0.1%, ADTN -1.2%, FNSR -4.5%.
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