UPDATE: Benchmark Lowers Saba Software's PT

According to a research report published this morning, Benchmark has lowered Saba Software's SABA PT to $14 following its 10-Q filing delay. In the report, Benchmark commented, “Three things strike us about today's announcement: 1) SABA's Board of Directors and external auditors felt comfortable enough with the Company's fiscal Q3 results to publish the preliminary results; 2) the internal review is now focused on prior periods rather than F3Q12 and; 3) we don't believe SABA has been contacted by a regulatory enforcement agency regarding its internal accounting review.” Benchmark maintains its Buy rating on Saba Software, which is currently trading at $10.33.