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Piper Jaffray Cuts Cognos to Market Perform

Piper Jaffray downgraded Cognos (COGN) to market perform from outperform, after the company's recent news that it delayed the filing of its fiscal year 2006 10-K amid a Securities and Exchange Commission investigation.

Analyst David Rudow notes that the review may impact the manner in which the company allocates revenue. While he doesn't know the breadth of the accounting review and the potential impact on the company's financial statements, he feels pending uncertainty could be enough to pressure the stock until the issue is resolved. He adds that since the review focusing on vendor specific objective evidence, this news could lead to concerns about restatement risk and a lengthy, costly review process. He cut his $42 stock price target to $32.

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