Friday December 21, 07:11 PM
Cognos downgraded to "hold" - update
NEW YORK, December 21 (newratings.com) - Analysts at Wedbush Morgan downgrade Cognos (NASDAQ: COGN - news) (ticker: COGN) from "buy" to "hold,"
while raising their estimates for the company. The target price has been raised to $58.
In a research note published this morning, the analysts mention that the company is unlikely to receive any competing bid and its acquisition by IBM (NYSE: IBM - news) is likely to be completed in 1Q08. Cognos has posted its F3Q total revenues ahead and EPS short of the estimates. The EPS estimate for FY08 has been reduced from $2.06 to $2.03.
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