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Wachovia Cuts Hewitt Associates to Underperform

Wachovia downgraded Hewitt Associates (HEW) to underperform from market perform, explaining that he remains positive on market opportunity for human resources outsourcing but the industry's vendors face challenges in making profits.

Analyst Edward Caso Jr. says the company has delayed meetings with investors at least through the end of June, citing a need to focus on a review of its human resources-business processes outsourcing portfolio. He says recent conversations lead him to be increasingly concerned about the company's global buildout and expansion into new offerings.

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