Omniture Shares Tumble; Pacific Crest Cuts Target, Estimates
Omniture (OMTR) shares are down sharply today following cautious comments on the stock this morning by Pacific Crest analyst Chad Bartley.
Bartley writes that “feedback from the channel is markedly more negative” than it was two to three months ago. He says the poor economy is resulting in month-over-month slowing in the online business analytics sector; he says Q4 activity is weaker than expected in what is normally a seasonally strong period. “In general, existing customers are not expected to increase their investments in 2009,” he writes. Bartley also says new customer growth is slowing; he expects a drop of 30-50 percent in 2009 in new customer additions.