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Robbie Stephens Cuts Primus Rating

Robertson Stephens downgraded Primus Knowledge Solutions (PKSI) to long-term attractive from buy.

Analyst Andrew Savitz also cut estimates, although he says management didn't provide future guidance. Savitz widened his $0.01 2001 loss estimate to a $0.44 loss, and cut the $0.24 2002 EPS estimate to $0.19 EPS. He also cut the 2001 revenues 30% to $48.5 million and lowered 2002 revenues 32% to $64.3 million.

While customer-relationship management continues to be a customer spending priority, Savitz believes a slowing sales cycles, the possibility of a slower U.S. economy and greater competitive pressures will continue to impact the stock over the near term. Although Primus offers a solid knowledgebase product for e-Support, he sees the stock being challenged over the near term.

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