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SG Cowen Downgrades BMC Software

SG Cowen downgraded BMC Software (BMC) to neutral from buy.

Analyst Drew Brosseau says in essence, the stock got ahead of itself. He says the market has been anticipating an acceleration in growth from the new IBM mainframe cycle and better comparisons. He notes that while Q1 should have represented easier comparisons, BMC's guidance took the wind out of these hopes. He adds that fiscal 2002 revenue will be more back-half weighted, and BMC will spend more money than he anticipated.

Brosseau cut the $1.15 fiscal 2002 (March) EPS estimate to $0.92.

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