UPDATE: Credit Suisse Downgrades LivePerson to Underperform Following Lowered Guidance/EPS Estimate

In a report published Thursday, Credit Suisse analyst Michael Nemeroff downgraded the rating on LivePerson LPSN from Neutral to Underperform, and lowered the price target from $15.00 to $9.00. In the report, Nemeroff noted, “We lower our 2013 revenue / EPS estimates to $176.7M / $0.18 from $183.4M / $0.31, respectively, to reflect updated lowered guidance. We also lower our 2014 EPS estimate to $0.27 (from $0.40). We lower our target price to $9 (from $15), which implies a 2014 EV/Revenue multiple of 2.0x. LPSN reported 1Q13 revenue of $42.5M, in line with Street and prior guide, while EPS of $0.06 was below Street of $0.07. 2Q13 revenue / EPS guide of $42.5-43.5M / $0.03-0.05 was below consensus of $44.4M / $0.07, respectively. 2013 revenue / EPS guidance lowered below consensus to $174-$179M / $0.18-0.21 from $181-186M / $0.30-0.33, respectively.” LivePerson closed on Wednesday at $12.75.