Friday May 9, 06:17 PM
Software Innovation downgraded to "reduce"
By Orion Securities
LONDON, May 9 (newratings.com) - Analyst Jonas Jarutis of Orion Securities downgrades Software Innovation (Oslo: SOI.OL - news) (ticker: SVL)
from "hold" to "reduce." The target price has been reduced from NOK11.5 to NOK9.5.
In a research note published this morning, the analyst mentions that the company has posted weak 1Q08 results mainly on account of the conclusion of the project for the Court Administration in Denmark. While the company's license and service revenues were in-line with the estimates in the quarter, consultancy revenues were short, the analyst says.
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