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Merriman Curhan Downgrades Embarcadero

Merriman Curhan downgrades database software company Embarcadero Technologies (EMBT) to neutral from buy.

Analyst Gary Abbott says Embarcadero did not file a 10-K by its Mar. 31 extended deadline. He notes while he understands there has been a domino effect related to a $549,000 revenue restatement from the first quarter to second quarter 2004, he lost patience with a series of filing delays.

He notes his macro thesis on software companies turned incrementally negative in recent days based on field sales checks. His IT spending appears to be tightening and shaking his confidence in all his companies.

Abbott says it's starting to feel like 2002 all over again because he's seeing software spending freeze unexpectedly in some deals.

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