With Gitit Pincas and Reuters

UBS Warburg has evidently decided to take a proactive attitude toward the Israeli companies it covers. Instead of waiting for earnings warnings, the investment bank today said it reduced its revenue and earnings estimates for seven Israeli high-tech companies on expectations of a more gradual global recovery in corporate IT spending than previously forecast.

The sorry seven are Radware, Nice Systems, ECI Telecom, Precise Software, Orbotech, AudioCodes and Gilat Satellite.

Last week UBS cut back its forecasts for Check Point Software Technologies (Nasdaq:CHKP) and Mercury Interactive Corporation (Nasdaq:MERQ). On the other hand, it raised estimates for M-Systems Flash Disk Pioneers (Nasdaq:FLSH), and expressed faith in guidance by Zoran Corporation (Nasdaq:ZRAN) and Retalix (Nasdaq:RTLX). Nice Systems (Nasdaq:NICE) revenues this year are forecast to total $157.1 million versus a previous forecast of $161.1 million, UBS said in a report released on Wednesday. Earnings per share will be 17 cents, against 33 cents. UBS cuts its Radware (Nasdaq:RDWR) revenue estimate to $43.9 million this year from $48.1 million, while its loss per share estimate was widened to 22 cents from 9 cents. Orbotech (Nasdaq:ORBK) revenues would fall to $233.2 million from a previous forecast of $250.5 million, while EPS would almost halve to 19 cents from 36 cents. ECI Telecom (Nasdaq:ECIL) revenues this year are forecast to drop to $795.1 million from $832.2 million and a loss per share of four cents is expected versus EPS of 10 cents in the previous forecast. Audiocodes (Nasdaq:AUDC) revenues will slip this year to $25.7 million from a previous forecast of $26.6 million, while loss per share remains unchanged at 39 cents. Gilat Satellite (Nasdaq:GILTF) revenues are forecast to fall to $286 million from $294 million while its loss per share will widen to $1.61 from a previous estimate of $1.56. Precise Software Solutions (Nasdaq:PRSE) revenues will fall to $74.0 million from $75.5 million while its EPS this year will slip to 25 cents from a previous estimate of 26 cents.