Needham Downgrades on Slower Growth (STMP) shares dropped sharply today after Needham’s Mark May cut his rating on the stock Under Perform from Hold.

May notes that the company has a large cash position–about $4.64 a share–which generates about 50 percent of its pre-tax income. A recent drop in bond yields, he cautions, will result in a hit to the company’s earnings. He also expect slower PC Postage subscriber growth given the weakening macro environment.

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