WR Hambrecht downgrades FOCUS Enhancements (FCSE) to Hold

WR Hambrecht downgrades FOCUS Enhancements, Inc. (Nasdaq: FCSE) from Buy to Hold. The firm said, "We believe that much of the excitement in the past 6 months have fizzled due to the fall off of the PMP Zune story and the delayed launch of the UWB. We are downgrading the stock for the following reasons: 1) the push out in UWB tape out is expected to result in meaningful revenues only in 2008. As we believe this is the major reason to own the stock, we feel that at this stage it is better to stay on the sidelines until we see UWB success; 2) the PMP market is expected to see growth in the H2, but no upside from Microsoft, due to the high level of Zune inventory; 3) the company\'s cash position is likely to result in another financing event in the H2 of the year."

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