Markets & Finance

AG Edwards Downgrades VeriSign to 'Buy'

AG Edwards downgraded VeriSign (VRSN) to buy from strong buy.

Analyst John Puricelli says he sees short-term risk to margins and EPS. He sees pressure on margins until the company integrates the remainder of its acquisitions. He says in this tough economy, the company's guidance is cautious. Puricelli cut his $1.25 2002 EPS estimate to $1.00, and sees $1.40 for 2003. He says he's severely cut his multiple to reflect the short-term risk, and he cut the $73 12-18 month target to $42.

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