UPDATE: Oppenheimer Downgrades CA to Perform on Slower Revenue/EPS Growth Ahead
In a report published Wednesday, Oppenheimer analyst Shaul Eyal downgraded the rating on CA (NASDAQ: CA) from Outperform to Perform, and removed the $26.00 price target.
In the report, Eyal noted, “CA has surpassed our prior $26 target, restructuring is likely to restrain revenue and earnings growth over the coming quarters, and the company's FY14 guidance falls short of the prior consensus. For 4Q13, CA delivered revenue of $1,151M, ahead of the consensus $1,142M. Non-GAAP EPS of $0.68 beat the consensus $0.55 largely on non-recurring tax benefits which added $0.09. In conjunction with its earnings release, CA delivered a presentation detailing the new CEO's vision for the company. CA will take a $150M charge during FY14 related to the strategic restructuring it has launched.”
CA closed on Tuesday at $27.77.
Latest Ratings for CA
|Nov 2014||Jefferies||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.