Cowen & Co Upgrades CA Inc (CA) to Outperform
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Cowen & Co upgrades CA Inc (NYSE: CA) from Neutral to Outperform.
Cowen analyst says, "With recent volatility in the market, CA shares have approached what we calculate as the discounted value of the company's stable annuity contract portfolio...With more comfort around the stability of cash flows going forward, we believe shares at current levels (8x 2009 EV/FCFF) have little downside. While uncertain times call into question the ability of all software vendors to grow, CA cash flow is improving in quality and becoming more stable. There is potential upside from additional cost-cutting efforts and improvements in sales productivity as reps sell new products into the installed base. We believe shares have 10-30% upside vs. the market over 12 months depending on the degree of success of the above initiatives."
CA, Inc. (CA) is an independent provider of information technology (IT) management software.
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