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Siebel Systems (SEBL ): Maintains 2 STARS (sell)
Analyst: Zaineb Bokhari

Siebel announces preliminary second-quarter revenue of $312 million to $314 million, in line with our forecast but at the low end of company guidance. Licenses fell about 18%, reflecting long sales cycles and delayed deals. Services grew above plan, aided by On Demand initiatives. We see operating margins widening in the second half as Siebel cuts costs. However, we continue to expect interest income from the company's liquid balance sheet to account for a sizeable portion of earnings per share. We are lowering our 2005 and 2006 earnings per share estimates to 17 cents and 22 cents, from 20 cents and 25 cents. Our 12-month target price remains $7.50.
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