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CIBC World Cuts BEA Systems to 'Hold'

CIBC World downgraded BEA Systems (BEAS)to hold from buy.

Analyst John DiFucci says he downgraded BEA because he sees no near term catalyst for the company, coupled with a deteriorating implementation cycle. He does not expect any meaningful improvement from product upgrades and releases, or from adjacent markets. DiFucci says his current $0.05 vs. $0.08 first quarter earnings per share estimate probably is on track. However, he cut the $0.30 fiscal 2003 (Jan.) EPS estimate to $0.26, and trimmed the $969 million fiscal 2003 revenue estimate to $927 million; and trimmed the $0.37 fiscal 204 EPS to $0.32, and lowered the $1.1 billion 2004 revenue estimate to $1.0 billion.

DiFucci says he cut his estimates on the belief that the company is unlikely to hit its former numbers barring any meaningful uptick in the IT spending environment, which appears doubtful.

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