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Baird Cuts Openwave Systems to Neutral

From Standard & Poor's Equity Research

Baird downgraded Openwave Systems (OPWV) to neutral from outperform, noting the company's recently reported fourth quarter guidance.

Analyst William Power says $90 million to $92 million fourth quarter revenue guidance is well below his $125 million estimate as well as the consensus. Despite a recent significant pullback in the company's shares, he believes concerns over its organic growth, cash flow, and options accounting are likely to continue to weigh on shares. He cut a $25 stock price target to $12.

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