CMVT Delays Restatement, Reports Inline Sales For The Past Five Years
Analyst Jeff Kvaal of Barclays Capital maintains his "overweight" rating on Comverse Technology Inc (NASDAQ: CMVT). The target price for CMVT is set to $11.
Comverse Technology has announced its annual sales and bookings data for the last five fiscal years. While sales were broadly in line with expectations, “CMVT’s booking trends suggest that sales have bottomed as the company targets growth during 2010,” the analyst mentions.
CMVT has postponed its restatement to the April/June timeframe. “While delays in CMVT's restatement process prove disappointing, its ability to finally provide annual sales levels should alleviate some concerns on the status of its biz providing an increased level of visibility into its operations,” the analyst says.
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