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CSFB Cuts JDA Software Estimates

JDA Software (JDAS) sees $0.06-$0.07 third-quarter earnings per share, excluding amortization of intangibles, on $49 million in revenues. CS First Boston cut its estimates.

Analyst Brent Thill says JDA's $49 million third-quarter revenue guidance is $1 million below his formerly revised $50 million estimate. He cites a shortfall in license revenues, which the company sees at $11 million vs. his $14 million estimate. Thill says the lowered guidance shows the severity of the IT spending malaise at retailers. He notes JDA's $0.06-$0.07 pro forma third-quarter EPS estimate compares with his formerly revised $0.10 estimate. He again cut his estsimates: for 2002, to $0.48 EPS on $211 million in revenues from $0.60 EPS on $217 million in revenues, and for 2003 to $0.29 EPS on $189 million in revenues from $0.60 EPS on $215 million. Thill also reduced his price target on the stock from $7 to $5. He maintains his neutral rating.

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