From Standard & Poor's Equity ResearchRaymond James downgraded Secure Computing (SCUR

) to market perform from outperform, noting the company's earnings shortfall.

Analyst Jonathan Ruykhaver says that while Secure Computing specified two large deals slipping out of the second quarter as the primary causes of its miss, he believes the company is still feeling after-effects of its CyberGuard merger. Based on the earnings per share (EPS) shortfall relative to its revenue miss, it appears that the company's post-merger synergies have not been realized. He cut his 60 cents 2006 non-GAAP EPS estimate to 38 cents to reflect its lower growth and margins. While he believes CipherTrust acquisitions can enhance Secure Computing's longer-term growth opportunity, it dramatically increases near-term uncertainty of the company's business and share price.