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Jefferies Cuts EDS

Jefferies cuts Electronic Data Systems (EDS) to underperform from hold.

Analyst Joseph Vafi says he sees another downtick in revenues in 2005 due to lower year-over-year fourth-quarter bookings, increased profit and loss, and capital expenditures expected in 2005.

He also believes revenues could be hit as the company has to bid again for the GM contract in 2005. He sees this setting a stage for an investment case that's currently treading water with potential for significant deterioration.

Vafi doesn't think risk/reward in EDS can turn more positive until he sees increased cash flow out of core business or modest revenue growth and doesn't think either appears likely in 2005.

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