UPDATE: JP Morgan Initiates Comverse at Neutral on Headwinds Through Early 2013
JP Morgan initiated coverage on Comverse (NASDAQ: CNSI) with a Neutral rating and a $32 price target.
JP Morgan noted, "We expect bookings headwinds to continue to weigh over the next couple of quarters, but improvement in fundamentals to take hold in 2H13. Those near-term challenges likely give us a little time to focus elsewhere before returning to Comverse Inc, so we are initiating coverage with a Neutral rating and a $32 target price."
Comverse closed at $27.37 on Wednesday.
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