J.P. Morgan Upgrades PT On BMC Software To $35, Maintains Underweight (BMC)

J.P. Morgan upgraded its price target on BMC Software

from $32 to $35, while maintaining its Underweight rating on BMC's shares, in a research report published today. J.P. Morgan highlighted BMC's better than expected quarterly results. In the report, J.P. Morgan states, "BMC reported strong headlines for its F4Q and guided F2012 above consensus. Non-GAAP EPS of $0.78 (including a negative $0.05 from a higher tax rate) on total revenue of $562M and license revenue of $250M beat consensus of $0.77, $538M and $232M, and our $0.75, $532M and $220M. Solid deferred revenue ($1.955M) drove cash flow of $290M versus our estimate of $260M. Though there were the usual caveats, large deals were a positive sign of strength and bode well for cash flow next Q." In yesterday's trading, BMC lost 1.11% of its value to close the day at $49.07. Its shares regained all of their losses in today's pre-trading session, however, after rising 3.93% to $51.00.