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First Albany Cuts Compuware Estimates

First Albany cut its estimates on Compuware (CPWR).

Analyst Damian Rinaldi says the company announced another weaker-than-expected performance. He notes its $302 million second-quarter revenue estimate was below his $313 million estimate, and the projected 2 cents loss compares with his 2 cents earnings per share estimate. He doesn't expect demand for Compuware's products and services to improve dramatically in the short term, and he's adjusted his model to reflect that view.

Also, Rinaldi assumes that expenses will run at about the same level going forward. He cut the $1.27 billion fiscal 2004 (March) revenue estimate to $1.22 billion, and trimmed the 11 cents earnings per share estimate to a 2 cents loss. Rinaldi also cut the $1.32 billion fiscal 2005 revenue estimate to $1.14 billion, and trimmed the 14 cents earnings per share estimat to an 8 cents loss. He rates the shares as neutral.

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