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CIBC World Downgrades Kintera

CIBC World downgrades non-proft software company Kintera Inc. (KNTA) to underperform from sector perform.

Analyst Brad Redback says valuation has become somewhat stretched over the last week due to increased publicity surrounding support of charities sponsoring tsunami relief efforts. He believes any revenue benefit to fourth-quarter results from increased transaction volume associated with tsunami relief efforts will likely be minor.

Separately, Redback lowers his $12 million first-quarter revenue estimate to $10.4 million, and widens his 12-cent loss estimate to an 18-cent loss as a prior forecast for FundWare contribution was aggressive. With shares trading above the Street average, he would use the recent strength to take profits.

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