Barclays Asks If Cisco's (CSCO) Guidance Effects Gartner (IT); Noteworthy News For Sure

May 11, 2012 2:44 PM EDT Send to a Friend
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Barclays maintains an 'Overweight' on Gartner (NYSE: IT) price target of $48.00.

Analyst, Manav Patnaik, said, "Gartner is a pure play on technology research, and the stock tends to be influenced by the general sentiment in the technology world. For example, yesterday IT was down -0.7%, in-line with the S&P 500/IT index down -0.8% (vs. +0.3% S&P500), on Cisco's (Nasdaq: CSCO) poor F4Q outlook ("worst 4Q in ~10 years") which raised concerns over the health of IT spending. CSCO noted that they saw customers delaying their purchases (Dun & Bradstreet (NYSE: DNB) and Equifax (NYSE: EFX) recently noted the same around their project based revenues), suggesting deteriorating conditions in Europe and Enterprise IT spending."

Barclays' Patnaik said that although there is noteworthy news, Gartner has about $1 billion in IT contracts compared to overall global IT spending which is approx. $3 trillion. Patnaik also likes Gartner's long-term growth outlook

For an analyst ratings summary and ratings history on Gartner click here. For more ratings news on Gartner click here.

Shares of Gartner closed at $43.09 yesterday.


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