UPDATE: Cantor Fitzgerald Initiates CGI Group at Buy on Logica Transaction

Cantor Fitzgerald initiated coverage on CGI Group

with a Buy rating and a $30 price target. Cantor Fitzgerald commented, "We like the recent Logica transaction from a strategic standpoint as Logica is complimentary with its European footprint and allows CGI to offer customers true global presence. We certainly see the risk in a European acquisition at this time, but believe the nature of Logica's revenue base as well as the low acquisition multiple offset these concerns." CGI Group closed at $25.50 on Wednesday.