Jefferies & Company Adjusts MICROS Systems FY11; Maintains Buy Rating

MICROS Systems, Inc. MCRS reported revenues/ NG EPS of $233.4M/ $0.41 v Jefferies & Company at $232.2M/ $0.37 and the Street at $232M/ $0.37. Management maintained FY11 guidance of $1000-1005M/ $1.71-1.73. Jefferies & Company said that its FY11 rev/ NG EPS moves to $1005M/ $1.79 v Street at $1010M/ $1.73, and that it is maintaining its Buy rating on the fundamentals. “MCRS reported in-line revenues, but beat on EPS by $0.04 due to lower than expected operating costs,” Jefferies & Company writes. “Management maintained guidance (as expected) for FY11. Ongoing strength in hospitality markets, a good backlog of business and conservative revenue recognition on certain projects keeps us positive on the stock near-term.” MICROS Systems currently trades at $45.01.