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UBS Trims JDA Software Outlook

UBS Financial cut its estimates on JDA Software (JDAS).

Analyst Heather Bellini says the software maker's forecast for total revenues of roughly $55 million and license revenues of $16.9 million is lower than her forecast of $59 million and $21 million, respectively. While she was concerned JDA might have trouble hitting her $21 million license revenue estimate, given that 10% of total revenue deals was signed in the third quarter, she thought improving reports from Europe from Oracle and Siebel Systems, coupled with backlog from the third quarter, would enable JDA to hit estimates.

Bellini cut the 10 cents pro forma fourth-quarter earnings per share estimate to 5 cents, cut the 29 cents 2003 earnings per share estimate to 25 cents, and trimmed the 56 cents 2004 earnings per share estimate to 42 cents. With shares trading at 43 times her 2004 estimate, Bellini is putting her buy rating and $20.50 price target under review.

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