Advent Software Dips After Deutsche Bank Downgrade

NEW YORK (AP) — Shares of Advent Software Inc. slipped Wednesday after Deutsche Bank downgraded the investment management software maker, saying while the company's business remains solid, it would be difficult for 2009 earnings and cash flow to surpass expectations in the current economy.

Analyst Tim Fox downgraded the company to "Hold" from "Buy," saying that the company has a "strong business franchise and a defensive (and) predictable business model," but its shares are trading at a fair value.

Shares of San Francisco-based Advent fell $1.17, or 3.6 percent, to $31.30 in early afternoon trading. The stock has traded between $17.51 and $49.32 in the past year.

Even with the Wednesday decline, Advent's shares are still up nearly 57 percent since the start of the year. The analyst kept his target price at $32.

"Advent remains one of the best positioned technology suppliers to the asset management industry," the analyst wrote. "Our downgrade should not be construed as a change in our view on the company's competitive position, market potential (especially non-U.S.) or its business model."

Rather, he said it's largely based on the stock's current value.