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CS First Boston Cuts Electronic Data to 'Buy'

CS First Boston downgraded Electronic Data (EDS) to buy.

Analyst Barry Chubrik says fourth quarter revenue fell below his $6.045 billion estimate. He says research indicates that IT outsourcing bookings been declining year over year for the last three quarters. While the EDS pipeline remains strong, he believes the lull in signups could tame revenue growth near term, although the bottom line is potentially better as the company ramps up less new business.

Chubrik trimmed the $24.6 billion 2002 revenue estimate to $24.4 billion, and lowered the $78 target to $73. He says continual trading opportunities are likely to exist in the stock, although the lack of sustained top line strength could render it difficult for shares to retest their highs in the next six to 12 months.

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