The Recession has Begun, According to Canaccord Adams

by: Eric Savitz

The recession has started.

At least, that’s what Canaccord Adams analyst Peter Misek thinks. In a research note Friday morning, he cautions that global tech spending is likely to slow down in 2008, and says he has become decidedly more cautious on the outlook for the first half. “We must accept the reality that investors with a 6-9 month time horizon are likely to experience considerable volatility and undersized returns,” he writes.

Canaccord downgraded Research In Motion (RIMM), Converse (NASDAQ:CMVT), BEA Systems (BEAS), Citrix (NASDAQ:CTXS) and Certicom to Hold from Buy.

He also cut target prices on Absolute Software, Intrisync, Cerner (NASDAQ:CERN), IBM (NYSE:IBM) and Redknee

In today’s trading:

  • Research In Motion is down $4.23, or 4.2%, to $96.43.
  • Comverse is down 48 cents, or 3%, at $15.52.
  • BEA is down 13 cents, or 0.9%, at $14.93.
  • Citrix is down 64 cents, or 1.8%, at $35.14.
  • Certicom is down 6 cents (Canadian) at $1.55.
  • Absolute is up 13 cents (Canadian) at $13.48.
  • Intrinsyc is down a penny (Canadian) at $1.08.
  • Cerner is down 91 cents, or 1.5%, at $58.68.
  • IBM is down $1.24, or 1.2%, at $98.69.