Barclays Maintains an 'Overweight' on Comverse Technology (CMVT); Annual Filings Complete

June 1, 2011 1:24 PM EDT
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Price: $4.36 --0%

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Barclays maintains an 'Overweight' on Comverse Technology (OTC: CMVT), PT $8.

Barclays analyst says, "With the filing of Comverse's 2010 10K, the company's annual filing requirements are now complete. As CNS' operations seem better than expected and the company's balance sheet is now on surer footing, we expect investor and management focus to shift toward next steps, potentially including the pursuit of strategic alternatives."

"12J Concerns Should Ease; Look for Visibility on Next Steps: As annual filings are now complete and Comverse is expected to be fully updated ahead of its mid July 12J hearing date, we expect revocation concerns to ease. We also believe annual compliance removes a key hurdle facing potential strategic alternatives. CNS is now trading at ~0.2 x EV/Sales, and ~2x EV/ PF EBIT. Our estimates are under review."

For more ratings news on Comverse Technology click here and for the rating history of Comverse Technology click here.

Shares of Comverse Technology closed at $7.43 yesterday.


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