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Piper, J.P. Morgan Latest to Chop Software Estimates; Morgan’s DiFucci Says “Everything’s Cheap”

October 8, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Time to draw a line in the sand?

J.P. Morgan software analyst John DiFucci this morning did what every good software analyst has been doing in the last few days and chopped his estimates for most of the companies in his coverage universe. The reductions reflect both the impact of the rising dollar, which tends to hurt results for the companies in the sector, and the softening macro backdrop. But DiFucci also did something else: He asserted that the time has come to buy the stocks, noting that “everything’s cheap.” He says most of the stocks he follows are trading below the net present value of their recurring cash flow from maintenance contracts.

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