Piper Jaffray Raises Their Price Target on Compuware (CPWR) to $11.50; Maintains Buy
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Piper Jaffray raises their price target on Compuware (NASDAQ: CPWR) from $9 to $11.50 and maintains their Buy rating, following Q4 results.
The strength in Compuware's product commitment and the improved product visibility increases Piper's confidence in the software maker.
The firm also said, "The current deferred revenue balance of $472.9M, represents 58% of our NTM license and maintenance revenue estimate of $817.6M, and looking back to 2004, we have not seen this type of visibility on the license and maintenance line. Therefore, while we remain a bit cautious, we believe consistent booking performance does position CPWR for revenue out performance versus our current estimates."
Compuware is a provider of application development software tools and services.
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