RW Baird downgraded Agile Software (AGIL ) to market perform.
Analyst Patrick Snell says he downgraded given the continued challenges in the company's core customer base of electronics/high-tech companies, and the Programmable Logic Memory (PLM) market. He notes as of Jan. 31, Agile had just under $6 per share in cash creating a floor.
Snell sees a lack of near term catalysts. He notes the company also is in the early stages of diversifying its business model. He thinks Agile is positioned to bounce back from a challenging 2001; and adds that the upgraded and replaced salesforce's pipeline now is accelerating.