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CS First Boston Downgrades Advent Software

Credit Suisse First Boston downgraded Advent Software (ADVS) to hold from strong buy.

Analyst Barry Chubrik says while he'd been hopeful for a relatively smooth transition to a term license model, he thinks that the combination of a recent acquisition, increasing reliance on larger deals, a CFO transition, and a tough financial services environment is likely to keep shares range bound over the next two to four quarters.

Chubrik cut his $0.88 2002 earnings per share estimate to $0.46, and trimmed the $1.35 2003 estimate to $0.81. He also cut the $45 target to $20.

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