UPDATE: JP Morgan Reduces PT to $26, Maintains Underweight on Advent Software

JP Morgan reiterated its Underweight rating on Advent Software

from $28 to $26 due to deteriorating leading indicators. JP Morgan noted, "Results for the June quarter looked okay relative to the revenue and EPS as compared to Street consensus, but the leading indicators in this subscription model showed signs of deterioration. … Regardless of how much of the lower guidance is due to the new CEO there is still some part of the outlook that is caused by the continued rough and markets. We expect the stock to be under near-term pressure, but at the point the markets start to catch better sentiment the stock will likely quickly find footing." Advent Software closed at $27.10 on Monday.