Ahead of the Bell: Cbiz speaks to analysts

Nearly two weeks ago, Cbiz posted an 18 percent higher first-quarter profit, helped by gains from acquisitions, which matched Wall Street expectations. Cleveland-based Cbiz also said it remains track to meet its own 2008 financial targets.

But First Analysis Securities analyst James Macdonald downgraded the stock to "Equal Weight" from "Overweight," and said weakness in the domestic economy may delay project work.

"In a recession, we would expect the biggest impact in the third and fourth quarters as discretionary project work is delayed," Macdonald wrote in a client note.

Chief Executive Steve Gerard has appeared concerned that a slow economy may delay accounting and technology projects, Macdonald said. Looking at the first-quarter results, Macdonald said same-store sales growth of 5 percent was lower than 8 percent growth last year.

Macdonald did note that Cbiz is ahead of schedule in buying back about 5 million shares per year.