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Wachovia Downgrades Siebel Systems

Wachovia downgrades Siebel Systems (SEBL).

Analyst Kash Rangan says downgrading to underperform from market perform, as the company now sees $75 million in first-quarter license revenues, vs. guidance of $100 million to $120 million.

Also, the company now sees $297 million to $300 million total first-quarter revenue, vs. $325 million to $345 million guidance. The company now sees first-quarter pro forma breakeven to 1 cent earnings per share, vs. 5 cents to 6 cents guidance.

Rangan says poor execution, deal slippage, and seasonality led to shortfall. Due to uncertainty about the company's ability to execute across geographies, verticals, products, and cuts 2005 estimates to $388 million license revenue (from $524 million), $1.3 billion total revenue (from $1.451 billion), and 20 cents earnings per share (from 30 cents).

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