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CIBC World Cuts Dendrite to 'Hold'


CIBC World downgraded its investment rating on Dendrite International (DRTE) to hold from buy.

Analyst Ben Rooks says the company's prior guidance was 22%-25% revenue growth, while EPS consensus was $0.18. He says management attributes the shortfall to delays in securing a written contract associated with add-on work being completed for an existing client.

Rooks says the weakening economy, lengthening sales cycles and more competition increases the risk for future quarters. He cut the $0.94 2001 EPS estimate to $0.55, and trimmed the $1.25 2002 estimate to $0.83. He expects management's credibility to require the rest of year to mend, and says would-be buyers should wait until the stock's price drops below $8.


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