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RBC Capital Cuts Electronic Data Systems to 'Underperform'

RBC Capital downgraded Electronic Data Systems (EDS) to underperform from sector perform.

Analyst Cynthia Houlton cut her 2002 EPS estimate to $3.21, and trimmed her 2003 estimate to $3.58 to reflect increased execution risk with its recently announced business re-organization (which will separate its largest business unit into two new units), and ongoing executive management departures.

She says she remains cautious about the growth of core infrastructure outsourcing business, the rate of new contract signings, continued compression of revenue from General Motors and A.T. Kearney, and potential delays with the Navy Marine Corps' Intranet benchmarks.

Houlton also cut her $68 12-month price target to $55.

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