Wedbush Positive on Openwave Systems' New CEO Mike Mulica

Wedbush Securities has published a research report on Openwave Systems

and believes that having Mike Mulica return to the company as CEO is a positive announcement. In the report, Wedbush writes, "We are positive on the announcement that Mike Mulica is returning to Openwave as CEO. We believe he brings the right sales and strategic leadership to turn Openwave around. While we believe FQ1 bookings could be soft given the CEO transition, we believe there remains a market need and Openwave has some of the right products to help carriers manage mobile data. Given our belief that Openwave lacked the proper carrier relationships and sales execution, we think the addition of Mr. Mulica is positive." Wedbush maintains its Outperform rating and $2.75 price target on Openwave Systems, which closed yesterday at $1.60 and is currently trading up $0.03 today since market open.