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Jefferies Ups ACS to Buy from Hold

Jefferies raised its investment opinion on Affiliated Computer Services (ACS) to buy from hold, citing the company's recently announced quarterly results.

Analyst Joseph Vafi said ACS' revenues of $1.31 billion bettered his estimate by $50 million. While ACS' story is still not firing on all cylinders, Vafi thinks its financial performance has troughed. He noted strong bookings recorded during the past two quarters, as well as overall organic revenue growth. He believes the alarming revenue contraction in the company's government business also looks to have ended. Based on the company's solid revenue performance and new business signings, Vafi raised his 77 cents second quarter earnings per share estimate on $1.25 billion revenue to 82 cents on $1.31 billion revenue. He also moved his $3.34 fiscal year 2006 (ending June) earnings per share estimate on $5.35 billion revenue to $3.46 earnings per share on $5.46 billion revenue. He upped his $55 price target to $57.

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