Banc of America Securities analyst Greg Vogel cut his rating on Macromedia to "market performer" from "buy" Tuesday, after the company lowered its revenue guidance for the March quarter. Citing a weak economy, the software company said Monday it expects to report revenue of $85 million to $90 million for its quarter ending March 31. This figure will exclude revenue from its upcoming merger with Allaire.
Vogel said he had expected Macromedia to report revenue of $100 million for the quarter. "We believe that visibility at this point remains very poor, and do not expect a meaningful near-term reacceleration of revenue," Vogel said in a research note.