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Prudential Lowers Portal Software to 'Underweight'

Prudential downgraded Portal Software (PRSF) to underweight from neutral.

Analyst Michael Turits says management cited contract delays and revenue recognition deferrals mainly at Tier 1 customers, as well as service execution issues. Although details are lacking, the third-quarter earnings miss appears to have been caused by a wide range of revenue recognition delays, deal push-outs, and failures to obtain customer acceptances on professional services deliverables.

He says these events undermine his confidence in management's ability to estimate the economic value of large new project-based billing deals. He widened the 15 cents fiscal 2004 (Jan.) loss per share estimate to a 41 cents loss per share.

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