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JP Morgan Downgrades S1 Corp. Rating


JP Morgan downgraded S1 Corp. (SONE) to long term buy from buy.

Analyst Adam Hold says lowered guidance is attributed to longer sales cycles, more deliberate decision making, a transition to a new product set and a generally stagnant economy. He says despite several positives in the quarter, he's surprised and disappointed by the magnitude of the earnings estimate revision. Hold cut his $0.57 2002 EBITDA-to-share estimate to $0.45, and trimmed the $0.80 2003 estimate to $0.61. He also cut the $22 target to $11 -- 40 times the new $0.27 2003 EBITA-to-share estimate. Although Hold still believes in a turnaround, given the uncertainty surrounding the near term, he downgraded.


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