UPDATE: Jefferies Lowers PT to $10.50 on Compuware

A report from Jefferies reiterates its Buy rating and lowers its price target from $11 to $10.50 on Compuware

. The report states, “CPWR reported a particularly strong F2Q due mainframe outperformance but did stumble with its APM business. Issues appear to be internal, not demand related, and a still healthy mainframe renewal pipeline should provide near term revenue cover to adjust for the missteps. We continue to look for cash flow upside and leverage potential in the out year and continue to like the stock”. CPWR closed yesterday at $8.85.