Robbie Stephens Trims BindView Rating
Robertson Stephens downgraded Bindview (BVEW ) to market perform from long-term attractive.
Analyst Mark Perutz says along with sales weakness, the company restated its Q4 results due to significant returns. He noted during Q1, customers who purchased $1.2 million in software licenses in Q4 exercised a 30-day return policy; one large customer accounted for about half of returns. While he acknowledges the company's weakness is largely a symptom of soft market conditions affecting the entire tech sector, Perutz believes Bindview may be more vulnerable than he previously anticipated. He cut the $0.17 2001 EPS estimate to breakeven.