Software: UBS Downgrades Adobe, Intuit, Siebel, Symantec

Citing concerns about the softening macro economy and ongoing market volatility, UBS software analyst Heather Bellini cautioned this morning that estimates for the sector “need to come down materially” for the second half and for 2009. She also asks whether software companies that typically provide guidance for the year ahead will continue the practice given the lack of visibility, and she cautions that foreign exchange–which has been a tailwind for the stocks for the last eight quarters–will provide a headwind in the fourth quarter and into next year.

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