Zacks senior computer-networks analyst Steve Biggs , CFA, has recently downgraded shares of computer networking company iPass, Inc. (IPAS) from a Buy to Hold.  Here are some of the reasons behind such a recommendation:

'iPass has been gaining traction on subscription based initiatives, with dial-up revenue falling below half of the total. However, access is a competitive market and even broadband revenues are likely to be at risk over the longer-term. Until the company is able to generate meaningful revenue from other subscription services, we believe the stock price will remain relatively flat.

'Shares of iPass are currently trading at 1.2x our 2008 sales estimate, representing a discount to the industry mean and the S&P. Although we believe that iPass transition to its new business model still poses significant risks, the worst appears to be behind it.

'We are positive on these initiatives and the stock could offer upside if the new business model is successful, but we don't expect meaningful acceleration until the second half of 2007 at the earliest and we believe the share price will stay close to current levels. We, therefore, maintain a Hold rating on iPass shares with a lower six-month target price of $4.50.'