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CS First Boston Lowers Rational Software

CS First Boston downgraded Rational Software (RATL) to buy from strong buy and cut estimates.

Rational's management indicated it was pleased with bookings and claims the firm hasn't depleted its order backlog, says Analyst Wendell Laidley. Still, Q4 was more challenging and back-end loaded, leading management to conclude that lowering the fiscal 2002 guidance was prudent given the anticipation of a tougher environment.

In accordance with the guidance, Laidley cut his $1.15 billion fiscal 2002 revenue estimate to $904 million and cut the $0.85 fiscal 2002 EPS to $0.51, suggesting year-over-year revenue growth of 11% -- and a significant drop in EPS from $0.69 posted in fiscal 2001.

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