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CIBC World Upgrades PeopleSoft to 'Buy'

CIBC World upgraded PeopleSoft (PSFT) to buy from hold.

Analyst Robert Maina says meetings with management have given him four reasons to believe growth will remain strong over the next few years, with the weak spending environment being the main near-term risk:

1) The upgrade cycle remains in the early stages; of PeopleSoft's 4,700 customers, only 160 are live on PeopleSoft 8.0, which is the company's latest Internet suite of e-Business applications, and more than 1,000 implementations are underway,

2) Demand for PeopleSoft's human resources management solution (HRMS) applications has been the key driver of growth,

3) The company's customer relationship management (CRM) 8.0 software is only in the early stages of adoption, and initial feedback has been positive, and

4) Salesforce reorganization and aggressive hiring are generating returns.

Maina sees $0.58 2001 EPS, and $0.80 EPS for 2002.

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