Needham & Company Reiterates a 'Buy' on MICROS Systems (MCRS); Business Tracking Well; Multiple EPS Upside Drivers Remain In Place

Needham & Company reiterates a 'Buy' on MICROS Systems (NASDAQ: MCRS) price target of $63.00.

Needham analyst says, "We hosted Peter Rogers, EVP of Corporate Development for MCRS, for investor meetings in Boston. We came away comfortable business remains solid despite the global macro headwinds and that MCRS is well positioned to continue to outperform expectations both over the near and medium term. We believe the pace of customer upgrade activity is tracking on plan and could potentially accelerate in 1H CY12 as MCRS launches Simphony, its web-based hosted solution, for the broader restaurant market. We believe two potential large hotel chain deal signings in 1H CY12 and an opportunity to accelerate market share gains could also be additive to growth. The margin expansion story remains alive and well and coupled with share buybacks should drive EPS upgrades over CY12. With over 20% of market capitalization in cash and a reasonable valuation for an industry leader and a 20% EPS grower long term, we reiterate our rating."

For an analyst ratings summary and ratings history on MICROS Systems click here. For more ratings news on MICROS Systems click here.

Shares of MICROS Systems closed at $47.20 yesterday.

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