Credit Suisse analyst Jason Maynard threw cold water over Wall Street's persistent BEA-acquisition rumors, saying "the recent market speculation about an HP takeover is more wishful thinking than reality." With that flourish he lowered his rating on BEA, led by Chairman and CEO Alfred Chuang (pictured), from outperform to neutral. He allows that "BEA may ultimately end up being acquired" but figures that "will at the very least take some time and won't be as easy as one might hope.

"While we believe BEA Systems ought to be part of another company, we aren't sure the recent disappointing Q1 is enough to push the management team and board to engage in any serious discussions. Our sense is that it will take a concerted effort by shareholders to move any process forward."

He's not too happy with Tibco either and lowered it to neutral too on the theory that synergies from the Spotfire acquisition will be difficult to realize in the coming year. He doesn't see Tibco as an acquisition because the Spotfire acquisition makes a deal more complicated.

• Credit Suisse: HP's BEA Systems Takeover Is Wishful Thinking