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In a note published this morning, JP Morgan has downgraded Sage Group as it believes the group's price to earnings multiples will continue to de-rate as organic growth decelerates in a difficult macro environment and competition remains high in the sector.
The broker added that it expects organic revenue growth to slide from 7 percent in full-year 2007 to 5 percent in 2008 and to 4 percent in 2009.
JP Morgan said that it has cut its 2008 to earnings per share (EPS) by 1 percent and its 2009 EPS by 3 percent. joanne.frearson@thomsonreuters.com jf/ak
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