Mizuho Securities upgraded CA (NASDAQ: CA) from Neutral to Buy with a price target of $29.00, calling it a defense play amid a potentially tough spending environment.

Analyst Abhey Lamba commented, "CA is scheduled to report F3Q16 results on January 26 after the close. We are upgrading the stock to Buy from Neutral while adjusting our price target to $29 from $30. We expect the company to post revenue and EPS slightly below expectations as turnaround has yet to yield consistent results and renewal portfolio is more F4Q16 weighted. However, stable cash flows and cheap relative valuation make risk/reward attractive at current levels. The stock typically outperforms in a cyclical downturn and it offers a reasonable dividend yield at the current level."

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

Shares of CA closed at $26.17 yesterday.