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Robbie Stephens Trims BindView Rating

Robertson Stephens downgraded Bindview (BVEW) to market perform from long-term attractive.

Analyst Mark Perutz says along with sales weakness, the company restated its Q4 results due to significant returns. He noted during Q1, customers who purchased $1.2 million in software licenses in Q4 exercised a 30-day return policy; one large customer accounted for about half of returns. While he acknowledges the company's weakness is largely a symptom of soft market conditions affecting the entire tech sector, Perutz believes Bindview may be more vulnerable than he previously anticipated. He cut the $0.17 2001 EPS estimate to breakeven.

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