Citigroup’s Brent Thill Wednesday chopped estimates and/or target prices on 11 of the 22 software companies he covers to reflect - you guessed it - the softening macro economy. Thill wrote in a research note Wednesday morning that he expects negative Street revisions across the group over the next few quarters. The analyst reports that checks on current demand in the enterprise software sector “are not encouraging.” He writes “a full budget flush this year sounds less likely, and visibility is diminishing.” Thill is not that concerned about Q3 results, but he does worry about Q4 guidance - and the possibility of “a more pronounced” Q1 slowdown.

Here’s a rundown on Thill’s moves Wednesday:

  • Blackbaud (BLKB): FY ‘09 to $1.14, from $1.18. ‘10 to $1.34, from $1.38.
  • Citrix (CTXS): 2008 to $1.56, from $1.59. ‘09 to $1.75, from $1.80. ‘10 to $2.05, from $2.11. Target to $30, from $32.
  • Electronic Arts (ERTS): FY ‘09 to $1.45, from $1.50. Target to $53, from $64.
  • Informatica (INFA): ‘08 to 73 cents, from 75 cents. ‘09 to 87 cents from 90 cents. Target to $15 from $18.
  • Microsoft (MSFT): FY ‘09 to $2.14, from $2.17. Target to $34, from $36.
  • Novell (NOVL): No change in ‘08 or ‘09 estimates, but target to $6 from $7.50.
  • Nuance (NUAN): ‘09 to 92 cents from 97 cents. ‘10 to $1.07, from $1.13. Target to $20, from $24.
  • Symantec (SYMC): FY ‘09 to $1.48, from $1.50. Target remains $24.
  • THQ (THQI): FY ‘09 to 75 cents from 83 cents. ‘10 to $1.12 from $1.20. Target to $19, from $24.
  • Take Two (TTWO): ‘09 EPS to $1.42, from $1.70; ‘10 to $2, from $1.98. Target to $21, from $26.
  • VMware (VMW): ‘08 to 91 cents from 92 cents. ‘09 to $1.14, from $1.18. Target to $29 from $33.