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RBC Capital Downgrades RSA Security


RBC Capital downgrades computer security products company RSA Security (RSAS) to sector perform from outperform.

Analyst Robert Breza tells salesforce at mid-point, change in first-quarter guidance signaled a 9% miss in his revenue and 36% in his earnings per share estimates.

He says deferred revenue is likely to fall sequentially by several million on weaker maintenance renewals, while authentication backlog should be about flat sequentially at $10 million. He thinks new products will take time to sell given many customers are likely to wait until late 2005 for integration of new products.

Breza cuts his 14 cents first-quarter earnings per share estimate to 9 cents, $82.4 million revenue to $75.2 million, 70 cents 2005 earnings per share to 54 cents, and $353 million revenue to $320.7 million. He lowers his $20 target to $14.


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