Portal Software Nose-Dives 62.4% on Outlook
Portal Software
(PRSF)
was down 62.4% in midmorning. Late Tuesday the company reported third-quarter earnings of 4 cents a share, 2 cents better than the Street's estimate and up from a year-ago loss of 1 cent.
But
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TheStreet Recommends
Goldman Sachs
downgraded it to market perform from recommended, citing the company's comments about slower growth due to the tightening capital markets. Goldman said it expects Portal's North American sales to be "sluggish" in the next couple of quarters.
Prudential Securities
downgraded it to accumulate from strong buy and slashed its target to $20 from $75.
