Wachovia Initiates Coverage on Affiliated Computer Services (ACS) with a Market Perform
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Wachovia initiates coverage on Affiliated Computer Services, Inc. (NYSE: ACS) with a Market Perform. 12-month valuation range is $42-47.
Wachovia analyst says, "ACS is a U.S.-based provider of information technology and business process outsourcing (IT/BPO) and other related services. ACS derives approximately 78% of its revenue from a broad portfolio of BPO solutions that service horizontal and vertical processes. We believe demand for outsourcing services may accelerate toward the back-half of 2009 as companies overcome near-term challenges and focus on reducing costs...We believe ACS' inconsistent financial and operational performance over the past several years can be largely attributed to management turnover, distractions from the potential sale of the company, problem contracts, SEC inquiries, and other various issues. In our view, the aforementioned factors are mostly in the rear-view mirror and management's strategy of refocusing again on more transaction-oriented outsourcing may lead to more stability within its earnings and stock price."
Affiliated Computer Services, Inc. (Affiliated Computer) is a provider of business process outsourcing and information technology services to commercial and government clients.
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