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Wachovia Cuts CSC to Mkt Perform from Outperform

Wachovia downgraded Computer Sciences (CSC) to market perform from outperform, after Saturday's Wall Street Journal said that Lockheed Martin (LMT) and three private-equity firms have broken off talks to buy CSC.

Analyst Edward Caso says it appears that the deal has stalled due to the mechanics of separating CSC's government and commercial practice, and also to a lesser extent from the value of the commercial piece. Caso says his talks with industry sources suggest the equity firms are wrestling with how much leverage can be put on the commercial practice. The potential for the sale of CSC now appears more in the distant than near future, Caso says. He sees $3.28 fiscal year 2006 (ending March) earnings per share and $3.70 in fiscal year 2007.

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