RBC Capital downgraded Intrado (TRDO ) to sector perform from outperform.
Analyst Michael Walkley says salesforce earnings per share on a pro forma basis totaled 15 cents, vs. his 14-cent estimate, but revenue from new products and the wireless business was lower than expected. He notes the company's reluctance to provide 2003 guidance. Walkley says he is concerned about slowing revenue growth and increased pricing pressure in its wireless unit. He lowered the National Repository Line Level Database growth expectations.
Walkley remains concerned about the company's balance sheet. He cut the 44-cent 2002 earnings per share estimate to 40 cents, and cut the 77-cent 2003 estimate to 60 cents. Walkley also lowered the $109 million 2002 revenue estimate to $107 million, and cut the $151 million 2003 revenue estimate to $130 million. Finally, he slashed his $24 target to $12.