Wachovia Downgrades Salary.com (SLRY) to Market Perform
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Wachovia downgrades Salary.com (NASDAQ: SLRY) from Outperform to Market Perform with a $6 to $8 valuation range.
Wachovia analysts said, "We are downgrading the stock due to concerns about the strategic shift away from the prior 'profitable investment' strategy to more of an 'fuel future growth by front-loading sales expense' strategy. This, coupled with the management transition, recent revenue miss, and delayed profitability suggests to us that the stock will be range-bound in the near term, until there is further clarity on these potential issues."
Salary.com, headquartered in Waltham, MA provides on-demand compensation management and performance management solutions.
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