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Wedbush Morgan Downgrades Secure Computing

Wedbush Morgan downgraded its rating on sgares of Secure Computing (SCUR) to sell from hold. The firm also cut its cuts $8 price target on the stock to $6.

Analyst Kevin Trosian says he is getting mixed or negative feedback about Secure's product sales, especially in the government channel. Barring a last-minute govvernment budget flush, he is concerned with Secure's ability to meet third-quarter guidance for 17% year-over-year sales growth and EPS of 8 cents. Trosian does not see the budget flush. Given the second-quarter miss on soft government spending, he does not believe the company is signing incrementally more deals. The analyst does not see enterprise sales making up for the lack of government sector growth. He cut his EPS estimates for the third quarter from 8 cents to 7 cents, for 2004 from 30 cents to 28 cents, and for 2005 from 39 cents to 36 cents.

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