Banc of America Downgrades Peregrine Rating
Banc of America downgraded Peregrine Systems (PRGN ) to market performer from buy.
Analyst Bob Austrian says while he suspects the stock eventually may prove to be worth more than a last sale, the ambiguity of the company's financials, the management shake-up, and the near-term future forces his neutral stance at this time. The company's CEO and CFO resigned Monday morning. Austrian put his estimates under review pending further visibility on past, current and future fundamentals.