UBS Downgrades Business Objects to 'Neutral'

Analyst Michael Briest sees a slow start for the software maker's stock in the first half of 2004

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December 1, 2003 at 5:00 AM UTC

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UBS Financial downgraded Business Objects (BOBJ ) to neutral from buy.

Analyst Michael Briest says while he's optimistic that Business Objects will meet or exceed his fourth-quarter estimates, he thinks a slow start to trading may be seen in the first half of 2004. Briest cites costs, product risks, personnel, and salesforce integration in the first half of the year. Also, he cites less developed cross-selling capabilities, the likely impact of a $30-million deferred income write-down, and more intense competition in the enterprise-reporting market.