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Jefferies Downgrades eFunds to 'Hold'

Jefferies downgraded eFunds (EFDS) to hold from buy.

Analyst Craig Peckham says he cut his $1.05 2002 earnings per share estimate to $0.55, and trimmed the $1.30 2003 estimate to $0.70. He adds, that the unexpected departure of eFund's CFO, and the current CEO's previously announced intention to retire around year-end, adds still more uncertainty to his estimates.

Using a speculative multiple of 15 times, Peckham believes fair value is in the $8-$9 range, ignoring any acquisition scenarios. He notes eFunds does have a strong balance sheet and generates positive operating cash flow that should provide some share price support.

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