Benchmark Capital Downgrades NetSuite (N) to Sell
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Benchmark Capital downgrades NetSuite (NYSE: N) from Hold to Sell. Price target $8.
Benchmark analyst says, "We are downgrading NetSuite to Sell in the wake of last night's 3Q08 earnings release, where the Company reported in line revenue and operating income but slashed its revenue growth outlook for Q4. NetSuite, like most SaaS vendors in the early stages of their evolution, is a top line growth story. However, as revenue growth decelerates, we expect the stock to come under pressure and to test and potentially break down below its 52-week low of $7.50...We believe potential catalysts (e.g., upside from OneWorld and OpenAir) are not powerful enough to overcome slowing fundamentals in the Company's core small to mid-sized business (SMB) market."
NetSuite Inc. is a vendor of on-demand, integrated business management application suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and e-commerce software for small and medium-sized businesses (SMBs) and divisions of large companies.
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