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Salomon Cuts Computer Associates to Neutral

Salomon Smith Barney downgrades Computer Associates (CA) to neutral from buy after the company said it has not drawn on its credit lines to pay down commercial paper oblicgations.

Analyst Gretchen Teagarden says the downgrade is a result of increased uncertainty due to media reports that the U.S. Attorney's Office, FBI have launched preliminary investigation into the company's accounting. She notes the reports presently are unconfirmed. She also cites Moody's placing the company's debt under review for possible downgrade, which she believes is possible. The potential of goodwill impairment is an added negative. She cuts her $45 target to $20.

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