Oscar Gruss Upgrades Fundtech Ltd. (FNDT) to Buy
More News related to BCS
- Dubai Debt Woes Roil Markets
- Bernstein Starts Barclays (BCS) at Market Perform Following Last Week's Sell-Off
- Barclays Capital Acquires Crescent in Joint Venture with Goff Capital
- Barclays Capital Launches Leveraged Exchange Traded Notes
- Nomura Upgrades Barclays (BCS) to Buy
More News related to FNDT
- Wedbush Upgrades Fundtech (FNDT) to Neutral; Demand for Payment Software Warrants Long-Term Success
- Fundtech Corporation (FNDT) Reports Q3 non-GAAP EPS of $0.18, Beats by 5c; Guides Q409
- Fundtech Reports Financial Results for the Third Quarter of 2009
- Fundtech Schedules Third Quarter 2009 Operating Results Release and Conference Call
- Craig Hallum Upgrades Fundtech (FNDT) to Buy
More News related to Upgrades
- Ticonderoga Securities Upgrades Juniper Networks (JNPR) to Buy
- Goldman Sachs Upgrades Bradesco and Banco do Brasil; Downgrades Bancolombia
- RBC Upgrades Stryker Corporation (SYK) to Outperform
- Wedbush Upgrades Sonic Corp (SONC) to Neutral; Relative Valuation Looks More Compelling
- Baird Upgrades US Bancorp (USB) to Outperform, $29 Target
Oscar Gruss upgrades Fundtech Ltd. (Nasdaq: FNDT) from Hold to Buy. Price target increased from $5.50 to $11.
"Despite being a pure play on financial industry recovery, we believe that FNDT is well prepared for tough times that may come, after taking significant cost cutting measures. Strong booking during the 1Q09 and winning the Barclays (NYSE: BCS) contract should lay the foundation for resumed growth."
"We think that being able to record strong booking this quarter despite the current financial industry slump may lead the Company to resumed growth throughout FY09. We view this strong booking as an indication for improved visibility and lower uncertainty. We are encouraged by the cost cutting measures taken by management. Our new $11.00 target price reflects EV/Sales of 1.1x vs. the peer group’s average of 1.5x for FY09."
Fundtech Ltd. is a provider of software and services to banks of all sizes worldwide. Payments systems include wire transfers, automated clearing house (ACH) origination, cross-border payments and remittance.
Related Categories
UpgradesStocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
