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Needham Cuts to Hold

From Standard & Poor's Equity Research

Needham downgraded (STMP) to hold from buy.

Analyst Mark May says the recently launched stamp offering from the Dymo/Endicia alliance (called Dymo Stamps) could create disruption for's core service. He says he also does not expect material upside in the near term from the company's PhotoStamps product. As a result of the former, he lowers his 73 cents 2006 earnings per share (EPS) estimate to 72 cents and his 89 cents 2007 estimate to 83 cents. He also assumes a lower valuation multiple. He still views as a compelling play on growth of Internet-enabled business services, but he would stay on the sidelines for now.

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