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Citigroup Downgrades RSA Security

Citigroup downgraded RSA Security (RSAS) to hold from buy.

Analyst Chris Dibiase maintains his 52 cents 2004 earnings-per-share estimate, and raises his 71 cents 2005 earnings-per-share estimate to 72, and his 84 cents 2006 to 90. He also raises his $22 target to $27.

Dibiase downgrades as he sees limited upside beyond his new target price. He does not believe at this time there is much in the way of upside to his new estimates. He also thinks that the 30 times multiple on his 2006 estimates are rich at the high-end of the sector's 20 times to 35times range, and reflects a fair amount of good news. He believes the stock price has caught up with solid fundamentals of the business.

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