UPDATE: JP Morgan Initiates Comverse at Neutral on Headwinds Through Early 2013

JP Morgan initiated coverage on Comverse

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.