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SoundView Upgrades Comverse Rating

SoundView upgraded its investment opinion on shares of Comverse Technology (CMVT) to outperform from neutral.

Analyst Peter Richardson says Comverse will benefit from the wireless industry's strong fundamentals, particularly related to subscriber growth and greater focus on average revenue per user. Richardson says that given its leading position in voice messaging and prepay platforms, Comverse is poised to exploit the trend of increasing addition of voice mail to service bundles and focus on voice revenues as well as mobile data. He notes emerging markets present opportunities for the company; its Reliance Infocomm is seeing rapid subscriber growth in India.

Richardson narrowed his fiscal 2004 (ending January) loss per share estimate from 9 cents to 8 cents, and sees EPS of 18 cents in fiscal 2005. He has a $16 price target.

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