There’s the R-word again. One of the trends-of-the-week has been a scramble by analysts to rethink their earnings estimates, ratings and price targets in light of the growing potential for an economic recession. And there was more of that behavior today.

Roth Capital’s Joshua Jabs today dropped his target price and earnings estimates today for five stocks: Blue Coat Systems (BCSI), Entrust (ENTU), Guidance Software (GUID), Online Resources (ORCC) and Secure Computing (SCUR).

All five of his research notes today started with the same paragraph:

With current macro-economic uncertainty increasing the risk enterprise customers could slow capital spending in the first half of CY ‘08, we are taking a more conservative approach to estimates and valuations in our sector, including our expectations for [Blue Coat/Entrust/Guidance/Online Resources/Secure].

Some details:

  • Blue Coat: Target to $33, from $42. 2008 EPS to $1.18, from $1.21; ‘09 to $1.29, from $1.39.
  • Entrust: Target to $3.50, from $4. 2008 EPS to 9 cents from 11 cents; ‘09 to 17 cents, from 19 cents.
  • Guidance: Target to $15 from $16. 2008 EPS to 12 cents from 19 cents; ‘09 to 28 cents from 31 cents.
  • Online Resources: Target to $12 from $14. 2008 EPS to 32 cents from 36 cents; ‘09 to 45 cents from 47 cents.
  • Secure: Target to $11 from $13. 2008 EPS to 43 cents from 46 cents; ‘09 to 67 cents from 68 cents.

He maintains Buy ratings on all five stocks. But all five are lower today:

  • Blue Coat is down 43 cents, or 1.7%, at $24.78.
  • Entrust is down 3 cents, or 1.6%, at $1.85.
  • Guidance is down 77 cents, or 6.3%, at $11.48.
  • Online Resources is down 27 cents, or 2.8%, at $9.44.
  • Secure is down 10 cents, or 1.2%, at $8.50.