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DB Alex. Brown Downgrades SmartForce to 'Buy'

Deutsche Banc Alex. Brown cut SmartForce (SMTF) to buy from strong buy.

Analyst Peter Appert says while he anticipated difficult near-term conditions, he significantly underestimated the magnitude of the impact. He cut his $0.60 2002 EPS estimate to a $0.30 loss, and cut the $320 million revenue estimate to $203 million. In light of a difficult near-term operating environment, the company terminated its acquisition of Centra Software.

Appert downgraded to buy on long-term enthusiasm for the growth potential of the eLearning market, and the company's strong competitive position within that market. He says he would be a buyer at the $6-$7 level, or below, and a seller at $10 and higher.

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