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CS First Boston Downgrades BEA Systems to 'Buy'


Credit Suisse First Boston downgraded BEA Systems (BEAS) to buy from strong buy.

Analyst Marie Kluth says the company expects license revenue to fall between $125 million to $127 million vs. her $168 million estimate, which implies that license revenue accounts for the majority of about a $40 million shortfall from original guided levels. She notes management attributed the weakness to the slowdown in the wake of September 11. Kluth cut her $0.10 Q3 EPS estimate to $0.05, cut the $262 million sales estimate to $217 million; trimmed the $0.39 fiscal 2002 (Jan) EPS estimate to $0.29, and lowered the $0.53 fiscal 2003 estimate to $0.36. Kluth also cut the $29 target to $16. Although the downgrade is based on increased near-term risks, she continues to believe in BEA's long-term prospects.


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