Citi Downgrades BMC To Hold

Citi has issued a report downgrading BMC Software BMC from a Buy Rating to Hold. Citi writes, “While we expect that March will be a strong quarter, we see a variety of factors that lead us to believe the share multiple will have difficult moving higher and the chance of meaningful upside to our / street FY12 estimates is minimal. We believe there is risk the company guides FY12 EPS below the street $3.25 and as a result, we are lowering our FY12 EPS estimate to $3.15.” BMC has a $52 Price Target and closed at $50.86 a share on Friday.