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Morgan Keegan Cuts Blue Coat Systems to Mkt Perform

Morgan Keegan downgraded Blue Coat Systems (BCSI) to market perform from outperform, citing the lack of near term possible triggers for stock price improvement.

Analyst Chris Hovis says that while the company's second quarter results were solid, the stock was priced for "perfection," and will be under pressure due to mildly disappointing guidance that reflects moderating revenue growth (4% to 7% quarter over quarter following four quarters of double-digit quarter over quarter growth.) He ups his 32 cents third quarter non-GAAP earnings per share estimate to 34 cents to reflect a higher operating margin assumption, but he thinks moderating revenue growth will make it harder for the company to continue delivering upside. He sees $1.28 fiscal year 2006 (ending April) earnings per share and $1.57 in fiscal year 2007.

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