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UBS Upgrades Witness Systems to Outperform

USB Piper Jaffray upgrades Witness Systems (WITS) to outperform from market perform.

Analyst Jon Ekoniak says the company is likely to meet or exceed his $16.4 million fourth quarter revenue forecast and $0.01 EPS estimate. He says that the company offers compelling value in a difficult environment while it continues to drive sales.

Business performance and visibility have stabilized enough that companies are out of crisis management mode, once again thinking how to grow business, Ekoniak says. He believes that Witness has the potential for strong upside as sectors return to respectable growth level.

Valuation remains below peers on a price to sales basis. The stock should trade in line with comparable sales figures, or at $15 a share, he says.

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