Analyst cuts McAfee, sees weak consumer sales
A Pacific Crest analyst downgraded McAfee Inc. on Tuesday, saying the computer-security software maker is seeing weakness in its low-end and consumer product segments that could weigh on its second-quarter results and its outlook.
THE OPINION: Rob Owens said in a note to investors he expects McAfee to report second-quarter income of 59 cents per share on revenue of $504 million. But he added that he expects the quarter's results and guidance to be hurt by weak sales to consumers and small-to-medium businesses
"This is likely to weigh on guidance, resulting in a decrease to Street expectations," he said. Owens lowered his expectations for the remainder of the year and for 2011.
Owens reduced his rating to "Sector Perform" from "Outperform."
THE STOCK: Shares of McAfee rose 23 cents to $32.20 in afternoon trading.