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UBS Warburg Boosts Business Objects to 'Buy'

UBS Warburg upgraded Business Objects (BOBJ) to buy from hold.

Analyst Patrick Legland says he is comfortable with the upgrade and new target (EUR 44 to EUR 51) despite the risk of short-term consolidation after a recent rally. He expects a positive news flow on fundamentals to continue to drive the stock, with further potential if recovery materializes in the second half. He raised his $0.78 2002 EPS estimate to $0.81, and says the estimate assumes 14% revenue growth, and 16.2% EBIT margin. Legland sees $1.09 for 2003, and sees significant productivity gains as Business Object expressly stated it doesn't expect to increase its salesforce in 2002.

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