Wedbush Downgrades Advent Software (ADVS) to Neutral; Strong Qtr, But High Hurdles Ahead

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Wedbush downgraded Advent Software (NASDAQ: ADVS) from Outperform to Neutral with a price target of $30.00 (from $34.00).

Analyst, Gil Luria, said, "We believe Advent will drive 15-20% FCF/EPS growth in 2013 as it scales its business on recent strength. However, we are downgrading shares as the company transitions its business model and cost structure over the next few quarters...We are maintaining our EPS estimates, but lowering 2013 FCF estimate to $1.46 from $1.67 to reflect the change in business model."

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

Shares of Advent Software closed at $27.10 yesterday, with a 52 week range of $19.00-$29.42.

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