Software
Downgrade Dents Parametric Shares
Ivy Lessner
07/24/07 - 01:22 PM EDT
On a largely down day for technology stocks, Parametric Tech(PMTC Quote) suffered another hit Tuesday after an analyst downgrade.
Stock in the Needham, Mass.-based manufacturing-software developer dropped 80 cents, or 4.3%, to $17.70 in recent trading.
Jefferies analyst Ross MacMillan lowered his rating to hold from buy in advance of the company's third-quarter earnings report, due out Wednesday after the market close. MacMillan cited the increasingly tough license-growth comparisons coming for the next three quarters.
It's the company's second downgrade since warning earlier this month that revenue would come in at about $225 million, at least $10 million below its previous forecast. Shares had been trading north of $21 before the announcement.
Analysts have since taken down their EPS expectations by 7 cents, to 21 cents, excluding items, according to Thomson Financial. They expect revenue of $224.8 million.