Topeka Capital Downgrades Websense (WBSN) to Sell, PT to $10

January 30, 2013 8:54 AM EST
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Price: $24.72 --0%

Rating Summary:
    1 Buy, 8 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Topeka Capital downgraded Websense (NASDAQ: WBSN) from Hold to Sell with a price target of $10.00 (from $17.00) following weak Q4 results.

The firm comments, "We are downgrading Websense from Hold to Sell and lowering the target price from $17 to $10. Websense reported 4Q12 results at the high-end of guidance. However, guidance for 2013 falls well short of consensus as Websense will spend yet another year retooling its sales organization, which will pressure operating margins with the revenue benefit coming down the road given the subscription business model. By their guidance, billings growth in 2013 of 1-6% does not bode well for the faster revenue growth in 2014 that we were hoping for."

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

Shares of Websense closed at $16.13 yesterday.

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