Cantor Fitzgerald Downgrades Soundbite (SDBT) to Hold
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Cantor Fitzgerald downgrades Soundbite (Nasdaq: SDBT) from Buy to Hold and lowers its price target from $10 to $3.25, citing disappointing Q1 earnings and FY08 guidance.
The firm said that Soundbite's lowered guidance caused substantial issues with Cantor's financial model, which lead to the firm lowering its FY09 EPS estimate. In turn, this change in earnings caused Cantor to lower its target P/E multiple on Soundbite to 20x from 30x.
Cantor's FY08 and FY09 EPS estimates on Soundbite go from $0.15 and $0.32 to $0.00 and $0.10, respectively. The Street estimates are $0.14 for FY08 and $0.31 for FY09.
SoundBite Communications, Inc. develops and markets automated voice messaging solutions over existing telephony networks. [BCS]
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