SeaChange's (SEAC) Q1 Described as 'Worse Than Feared' - Dougherty

Dougherty & Co maintained a Neutral rating on SeaChange International (NASDAQ: SEAC). Analyst Steven B.Frankel described the company's Q1 as "worse than feared."

"The first quarter was far worse than we had feared and the combination of increased R&D spending, order push outs and implementation delays makes for another round of steep estimate cuts. While the company still has plenty of cash and increased the buyback from $25M to$40M, there’s little else to support the stock. This is a broken story going through a prolonged and painful turnaround. We are maintaining our Neutral rating until we have confidence that the implementation delays are less of an issue and the company is positioned for sustained double digit revenue growth, a scenario that may be still 4--5 quarters away," said Frankel.

For an analyst ratings summary and ratings history on SeaChange International click here. For more ratings news on SeaChange International click here.

Shares of SeaChange International closed at $9.30 yesterday.

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