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NEW YORK - Shares of network applications company Tekelec have been trading at their highest levels in more than two and a half years, but fell Monday after an analyst downgraded the stock.
Deutsche Bank analyst Brian Modoff downgraded the stock to "Hold" from "Buy" after shares approached his price target of $18. He said sales of the Morrisville, N.C., company's products will keep growing, as data volumes and the use of short messaging services increase.
Shares fell 98 cents, or 5.6 percent, to $16.60.
Tekelec shares peaked at $17.73 Thursday--their highest price since October 2005--and came within two cents of that mark on Friday.
The stock reached an annual low of $10.12 on Jan. 23, and has risen 64 percent as of Monday's close.
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