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Software Softening: Citi Cuts Estimates, Target on Many Stocks

Published on October 1, 2008
by Eric Savitz

Citigroup’s Brent Thill today chopped estimates and/or target prices on 11 of the 22 software companies he covers to reflect–you guessed it–the softening macro economy. Thill writes in a research note this morning that he expects negative Street revisions across the group over the next few quarters. The analyst reports that checks on current demand in the enterprise software sector “are not encouraging.” He writes “a full budget flush this year sounds less likely, and visibility is diminishing.” Thill is not that concerned about Q3 results, but he does worry about Q4 guidance–and the possibility of “a more pronounced” Q1 slowdown.

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