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Fulcrum Lowers Internet Security to 'Sell'


Fulcrum downgraded Internet Security Systems (ISSX) to sell from neutral.

Analyst Alan Weinfeld says the intrusion-detection market has attracted at least dozen new public and private vendors in the last two years. He notes Internet Security's perpetually recognized, licensed software intrusion detection business has not grown in the last seven quarters. He says the company's big-deal strategy concerns him, and notes his sources says RealSecure 7.0 has not solved customer problems.

Also, Weinfeld says the fourth quarter usually is strong for software but he's concerned Internet Security will continue to have trouble closing license deals, especially with its new Proventia M appliance. He says valuation is expensive, vs. his $10 target.


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