CIBC World upgraded JDA Software (JDAS ) to sector outperform from sector perform.
Analyst Brad Reback based his upgrade on ongoing technology upgrades in the retail sector, and continuing operational improvements within the company's consulting business. He says recent checks revealed that JDA should benefit from improving software spending in the retail sector, although big deals remain elusive.
Reback says higher hourly pricing and utilization rates should improve profitability. Also, recent restructuring, and increasing use of technology to deliver services, should further help the bottom line. Reback maintains the 38 cents 2004 earnings per share estimate and the 54 cents 2005 estimate. He set a $16 target.