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Versant Partners Cuts Geac to Hold


Versant Partners cut its opinion on Geac (GEAC) to hold from buy on Friday, citing the company's quarterly results.

Analyst Tom Liston said that following a solid fourth quarter, he's disappointed that Geac was not able to carry over momentum into a stronger performance in the first quarter; he notes that license revenue is down 16% year over year. While the company has internally developed several new products to enhance its growth, it will likely need to make an acquisition to increase its license revenue as a percentage to total revenue.

The downgrades takes place given the company's stock price appreciation in the last few months and the absence of a near-term catalyst. Liston sees 76 cent fiscal year 2006 (ending April) earnings per share.


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