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USB Piper Cuts to 'Neutral'

USB Piper downgraded (HOMS) to neutral from buy.

Analyst Safa Rashtchy says Q3 results were in line with the pre-release but the company lowered guidance for Q4 and 2002 dramatically. He says a conference call raised seriously troubling questions about what happened to ad revenue to undergo such an implosion. How company could go from over 40% growth estimate for overall 2002 revenue to 10% decline in span of just a few weeks. On top of this, the company is going through a major reorganization that will take two to three quarters to complete. He says there is little visibility on revenue growth, and he has questions about the company's near-term profitability.

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