Brean Murray Initiates Comverse Technology (CMVT) with a Hold
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Brean Murray initiates coverage on Comverse Technology (OTC: CMVT) with a Hold rating. The firm's hold rating reflects risk in their outlook due to a lack of recent financials, civil claims uncertainties and minimal upside to our fair valuation estimate.
The firm said, "In March 2008, Comverse received a notice from the SEC staff that it was recommending an SEC civil action against Comverse for past stock option grant practices and other accounting matters. We believe this issue will be resolved over upcoming months, with uncertainty as to the outcome."
Comverse Technology and its subsidiaries engage in the design, development, manufacture, marketing, and support of software, systems, and related services for multimedia communication and information processing applications.
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