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Banc of America Downgrades Openwave to 'Buy'

Banc of America downgraded Openwave Systems (OPWV) to buy from strong buy

Analyst Rob Sanderson says the slowing business following the Sept. 11 terrorist attack has impacted sales activity. He thinks Unified Messaging (U/M) prospects are dimming, and notes management thinks the adoption curve will be modest considering the unproven economic model and market acceptance. Sanderson believes carrier investments in market development initiatives like U/M are under increased scrutiny. He notes management did not provide guidance beyond September.

Sanderson sees $0.14 calendar 2001 EPS, and $0.25 for calendar 2002. He cut the $25 target to $13.

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