Brean Murray Upgrades CSG Systems International (CSGS) to Buy
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Brean Murray upgrades CSG Systems International Inc. (Nasdaq: CSGS) from Hold to Buy, citing Comcast contract extension.
The firm said, "Yesterday, CSG Systems announced a favorable four-year contract extension with Comcast, its largest customer. The company also reiterated 2008 guidance and provided new visibility to its revenue growth target for 2009. The stock responded by increasing 11% on the day. We believe the renewal of its second largest customer (DISH Network), anticipated in 2H08, provides further upside opportunity for CSGS stock. We are raising our 2009 estimates, establishing a target price of $16, and upgrading our rating to Buy (previously Hold)."
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