UPDATE: Benchmark Initiates Coverage on UBIC With Buy Rating on Revenue Expectations

In a report published on Tuesday, Benchmark analyst Mark W. Schappel initiated coverage on UBIC

with a Buy rating and a price target of $9.00. In the report, Benchmark noted, "Because of its Japanese roots and because it was the first company to process Asian characters, UBIC has a lead over other (mostly US) competitors that may be working to build Asian language capabilities. We believe UBIC's product line is today much more complete than other competitors that appear to be wading (tentatively) into the Asian market". UBIC closed on Monday at $7.21.