UPDATE: Topeka Capital Markets Downgrades Websense to Sell, Lowers PT

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In a report published Wednesday, Topeka Capital Markets downgraded its rating on Websense (NASDAQ: WBSN) from Hold to Sell, and lowered its price target from $17.00 to $10.00.Topeka Capital Markets noted, “We are downgrading Websense from Hold to Sell and lowering the target price from $17 to $10. Websense reported 4Q12 results at the highend of guidance. However, guidance for 2013 falls well short of consensus as Websense will spend yet another year retooling its sales organization, which will pressure operating margins with the revenue benefit coming down the road given the subscription business model. By their guidance, billings growth in 2013 of 1-6% does not bode well for the faster revenue growth in 2014 that we were hoping for. Further detail in our report.”Websense closed on Tuesday at $16.13.

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