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Goldman Takes Siebel off 'Recommended List'

Goldman Sachs removed Siebel Systems (SEBL) from its recommended list, and now rates market outperform.

Analyst Rick Sherlund says second quarter results and Siebel's outlook are "discouraging." He says IT spending for enterprise software is growing increasingly poor as the capital spending recession seems to be worsening. He notes large deals in particular are becoming extinct. Sherlund is keeping his $0.35 2002 earnings per share estimate on the theory that the company's planned 15% staff cut will offset lower revenues. He cut his $0.40 2003 estimate to $0.37. While the stock may suffer some further weakness near term, Sherlund thinks much of the bad news already has been captured by the stock's price drop over the past quarter.

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