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Needham Downgrades Saba Software

Needham downgraded Saba Software (SABA) to hold from buy.

Analyst Dalton Chandler says his downgrade is based on valuation. He notes shares are up 30% since last Wednesday's close, just before the company reported what he viewed as a slightly disappointing Q4. Also he notes management's lowered

revenue guidance for the second straight quarter.

While it's not surprising for an enterprise software company to offer lower guidance in the current economic environment, Chandler thinks Saba is the only one of his tech-related e-learning companies experiencing this level of difficulty. He would consider upgrading at a significantly lower valuation, or if he had a high level of confidence that this was the last downward revision.

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