Blackbaud downgraded to "market perform"

05/30/08 - William Blair & Co

NEW YORK, May 30 (newratings.com) - Analysts at William Blair & Co downgrade Blackbaud Inc (BLKB) to "market perform."

In a research note published this morning, the analysts mention that the company has declared its plans to acquire Kintera for $46 million in cash. Kintera has a weak record of delivering shareholder value and has been incurring losses for a long time, the analysts say. Kintera has substantial net operating loss carry forwards of $10 million on a net present value basis, which might reduce the purchase price to $36 million, William Blair & Co adds.