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Needham Keeps Strong Buy on Cognos


Needham upgraded its estimates and maintains the strong buy rating on Cognos (COGN).

Analyst Charlie Chen says first-quarter EPS and revenue are ahead of his and the Street estimates. He noted firmer license revenue, as strong execution and a strong product cycle are driving accelerating organic license growth. Chen believes 9% first-quarter organic license growth shows market share gains.

Chen says positioning themes -- corporate performance management for integrated planning, monitoring, reporting, and enterprise reporting standardization -- is aiding sales momentum while key competitor Business Objects is distracted with the integration of recently-acquired Crystal Decisions. He upped the $1.19 fiscal 2005 (Feb) EPS estimate to $1.24, and upped the $1.40 fiscal 2006 estimate to $1.42. He has a $40 target.


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