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RBC Upgrades Veritas to Outperform

RBC Capital upgraded Veritas (VTS) to outperform.

The software maker delayed fourth-quarter results. Analyst Kurt Hallead says he's upgrading from sector perform. He says an earnings miss and an accounting issue is driving shares lower. He views the selloff as a buying opportunity. He believes accounting issue will be resolved without any major further implications.

Also, he notes Veritas mentioned that its multiclient segment performed well during the fourth quarter, which supports his thesis that a seismic cycle continues on its uptrend. He lowered the fourth-quarter earnings per share estimate to 8 cents, which is at the low end of guidance. He maintains the $1.16 fiscal 2005 earnings per share estimate, and has a $27 12-month target.

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