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Legg Mason Cuts to Hold

Legg Mason cut its investment recommendation on (OSTK) to hold from buy.

Analyst Scott Devitt also widened his 2005 loss estimate on the stock to a 61 cents loss from a loss of 22 cents, amid a reduced revenue estimate of $835 million (from $844 million). He cut his 2006 earnings per share estimate to 33 cents from 73 cents. The analyst also noted that the company had recent trouble integrating its software platform on site, limiting its ability to post new inventory. The lack of inventory tempered revenue growth that required the company to be more promotional, thus lowering its gross profit and contribution profit. The analyst believes that there'll be a near-term decline in shares as investors reset expectations for a leverage point in the business.

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