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Wells Fargo Downgrades Mentor Graphics


Wells Fargo downgrades Mentor Graphics (MENT) to hold from buy.

Analyst Jennifer Jordan says Mentor saw signficant year-over-year weakness in all notable product lines and in all regions. She says she's surprised by the weakness, and concerned others in the group, such as Cadence Design Systems and Synopsys could experience similar weakness.

Following guidance, she has less confidence in her estimates. She cuts her 78 cents 2005 earnings per share estimate to 59 cents and $760 million revenue estimate to $732 million.

She thinks shares will be range-bound and trade between $10 to $12 per share until there is clearer visibility, or backlog rebuilt.


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