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SG Cowen Boosts Affiliated Computer to 'Strong Buy'

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 $

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