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Tucker Anthony Turns Sour on Vignette

Tucker Anthony downgraded Vignette Corp. (VIGN) to market perform from buy.

Analyst Aaron Scott says he believes the company's exposure to international markets leaves it vulnerable to further weakening of revenue growth and widening of losses. He notes that software growth in Europe and Asia typically parallels the domestic market but lags behind by 8-12 months. He thinks, however, that the current deceleration in domestic software sales has spread overseas, especially in Germany and the United Kingdom. He adds that weakness in the euro vs. the U.S. dollar further clouds prospects for Europe sales.

Scott widened his $0.01 Q1 loss estimate to a $0.03 loss, and revised his $0.08 2001 EPS estimate to a $0.02 loss. He also cut the $0.19 2002 EPS estimate to $0.08.

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