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Robbie Stephens Lowers Caminus Rating

Caminus (CAMZ) sees a $0.18-$0.20 Q2 loss per share (pro forma) on revenue of $18 million. Robertson Stephens downgraded its investment rating on the shares to market perform from buy.

Analyst Hugh Anderson says this is the company's second cut in Q2 guidance; the first was from $0.14-$0.15 Q2 EPS to $0.03. He notes that management cites the slippage of several large software license deals valued at $7 million that were to close in Q2 but have yet to do so. Because the cost of capital at many energy companies has increased in the past two quarters, Anderson believes there is a risk that customers will extend the sales cycle on new contracts in an effort to win more favorable deal terms. He cut his $0.51 2002 cash EPS estimate to $0.22, and his $0.70 forecast for 2003 to $0.30.

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