UPDATE: Benchmark Initiates SABA Software at Buy (SABA)

Benchmark is out with its report today on SABA Software (NASDAQ: SABA), initiating SABA at Buy.

In a note to clients, Benchmark writes, "We are initiating coverage of SABA with a Buy rating and $15 price target. We expect the Company will earn non-GAAP EPS of $0.11 on $118 million in total revenue for FY11, and ($0.11) on $129 million in revenue for FY12."

Benchmark has a $15 PT on SABA.

Shares of SABA closed Monday at $10.44.