Wedbush Upgrades Advent Software (ADVS) to Outperform

June 14, 2013 7:45 AM EDT Send to a Friend
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Price: $44.12 +0.07%

Rating Summary:
    0 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 19 | New: 16
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Wedbush upgraded Advent Software (NASDAQ: ADVS) from Neutral to Outperform with a price target of $38.00 (from $27.00). Yesterday Advent announced a one-time special cash dividend of $9 per share totaling approximately $470 million. The special dividend will be financed with cash on hand and proceeds from Advent's recently closed $425 million senior credit facility.

Commenting, analyst Gil Luria said, "We believe the recapitalization announced
yesterday unlocks shareholder value, while removing uncertainty."

Luria see double-digit FCF/EPS growth in the next product cycle.

"We expect upcoming hosted product cycle to drive growth for the next 3-5 years. We believe the integration of front-office workflow into a hosted product will help Advent to extend its market leadership and expand its addressable market into performance measurement, reporting, billing, reconciliation and compliance. We anticipate the September user’s conference will provide a view of new products, with initial adoption following over the next few quarters," he said.

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

Shares of Advent Software closed at $32.99 yesterday.

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