Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Wachovia Cuts PeopleSoft to 'Market Perform'

Wachovia downgraded PeopleSoft (PSFT) to market perform.

Analyst Kash Rangan says PeopleSoft's new guidance is well below his $494 million revenue estimate, and say the $130.1 million license revenue estimate is below his 13 cents earnings per share estimate. Rangan says economic uncertainty and the Iraq war is having greater impact on customer purchasing than he had anticipated, causing many deals to be pushed out into future quarters. He notes first quarter is the first time since the first quarter of 2000 that PeopleSoft has reported license revenue below $100 million.

He pegs valuation at $12.50-$15.50, and sees the stock trading around $12.50 over the next 6-12 months. Rangan cut the 13 cents first quarter earnings per share estimate to 11 cents, cut the 65 cents 2003 target to 48 cents, and reduced the 71 cents 2004 estimate to 55 cents.

blog comments powered by Disqus