Deutsche Bank Upgrades Computer Sciences (CSC) to Buy, Sees Faster Turnaround and Normalized EPS

November 19, 2012 6:37 AM EST
Get Alerts CSC Hot Sheet
Price: $62.27 +0.11%

Rating Summary:
    6 Buy, 13 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Deutsche Bank upgraded Computer Sciences (NYSE: CSC) from Hold to Buy with a price target of $46.00 (from $38.00).

The firm comments, "After meeting with the company's new mgmt and working through our model, we believe the turnaround is happening faster and normalized EPS of $5.00+ will be reached earlier than expected (current valuation does not reflect future normalized earnings). CSC currently trades at a significant discount to peers even at depressed EBITDA levels (trades at only 3.5x CY13 EV/EBITDA versus peer group of 8.4x). We are raising our FY14 EPS est $0.29 to $3.51 (above Street) and issuing FY15 of $4.00, believing these figures could prove conservative."

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

Shares of Computer Sciences closed at $34.47 yesterday.

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