SG Cowen upgraded Affiliated Computer (ACS) to strong buy from buy.
Analyst Moshe Katri upgraded on improving demand trends, earnings per share (EPS) visibility, and faster ramp-up of new business/bookings. He notes recent revenue slippage in the state and local government sector mostly confined to areas of Electronic Benefit Transfer and Child Welfare Support -- and expects demand trends to improve by July and August. Katri expects a signficant surge in the company's bid and proposal pipeline, with the ability to convert at least 40%-50% of pipeline into bookings to more than offset recent weakness in the state and local government sector. He sees $1.75 2002 EPS, and $2.10 for 2003. He raised his $61 target to $