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Jefferies Cuts Tier Technologies to Hold from Buy

Jefferies cut its rating on Tier Technologies (TIER) to hold from buy, citing "reduced visibility" as the management reviews its accounting practices.

Analyst Matthew McKay says that while the information technology services company's business itself appears to be improving, a high degree of accounting uncertainty demands caution. He noted that the company's delayed filing of fourth quarter financials and its 10-K is due to accounting errors. As a result he cut his 47 cents fiscal year 2006 (ending September) earnings per share estimate to 22 cents and his $10 target to $7.50.

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