Cowen & Co Initiates Coverage on Compuware (CPWR) with a Neutral
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Cowen & Co initiates coverage on Compuware (Nasdaq: CPWR) with a Neutral.
Cowen analyst says, "We have a number of concerns, and although the stock is cheap and expectations are low, the valuation is in line with peers such as CA (NYSE: CA) and BMC (NYSE: BMC). We look for signs that the company will undertake transformative restructuring as opposed to recent incremental actions to unlock shareholder value (In order to unlock value, we believe CPWR needs to exit the non product-related services business, which represents the overwhelming majority of its services revenue). Our sum of the parts analysis suggests fair value is slightly below current levels in its present state. If the company were to significantly cut its services portfolio and its level of investment in the distributed management area, we would re-evaluate our opinion of the stock."
Compuware Corporation develops, markets and supports systems software products designed to improve the performance of information technology (IT) organizations.
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