Analyst Ratings
Ahead Of The Bell: Jefferies Downgrades Omniture
The Associated Press
04/21/09 - 09:24 AM EDT
NEW YORK (AP) — A recent run up in the price of Omniture Inc. shares prompted a downgrade from a Jefferies & Co. analyst Tuesday.
The analyst, Youssef Squali, downgraded the business software maker to "Hold" from "Buy," telling investors in a note he sees little chance of shares rising above his $15 price target.
The stock is up about 34 percent year-to-date, closing Monday at $14.31.
Squali said he expects Omniture to meet quarterly expectations, driven by momentum in new orders and revenue from existing contracts.
The Orem, Utah, company is scheduled to report first-quarter earnings Thursday. Analysts polled by Thomson Reuters expect a profit of 12 cents per share on sales of $87 million.
However, Squali said Omniture's stock price is expensive compared to its competitors and the recession may still put a damper on the number and size of new orders.