Following the release of its

earnings report yesterday,

Ariba

(ARBA)

was downgraded by

ABN Amro

to add from buy. The B2B company reported earnings of 5 cents a share for the quarter, besting expectations for earnings of 2 cents a share.

In its comment, ABN Amro acknowledged the quarter, but said "we are concerned with a perceived slowdown in sequential revenue growth when deferred revenue is taken into account." Sequential revenue growth (or quarter-over-quarter) increased 26%, slower than in

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previous quarters.

By contrast,

Credit Suisse First Boston

raised Ariba's fiscal 2001 earnings-per-share estimates to 26 cents from 14 cents, and 2002 estimates to 56 cents from 42 cents.

Analysts are all over the map on this company today.

Deutsche Banc Alex. Brown

downgraded Ariba to a buy from strong buy, but

J.P. Morgan Chase

raised earnings estimates for fiscal 2001 to 26 cents a share from 18 cents.