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Goldman Downgrades PeopleSoft Rating

PeopleSoft (PSFT) sees $0.14 first quarter earnings per share on $130-$135 million in license revenue. Goldman Sachs lowered its investment rating on the shares to market outperform.

Analyst Steven Kahl says the downgrade follows the company's pre-announcement. He notes the company's fist quarter revenue guidance , representing a 25% sequential decline, is well below his $165 million estimate. Also, the $0.14 EPS projection is at the low end of earlier guidance. Kahl notes the company cited delayed customer purchasing decisions during the last weeks of the first quarter as the primary reason for the license miss. While he believes macro challenges played a key role, he is concerned by the magnitude of the miss. Kahl cut his 2002 EPS estimate to $0.68 and his forecast for 2003 to $0.81.

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