Deutsche Bank Ups Veritas to 'Buy'
Deutsche Bank upgraded Veritas (VTS ) to buy from market perform.
Analyst Arvind Singer says the company's decision to withdraw its plans to combine with Petroleum Geo-Services removes a tremendous uncertainty surrounding the stock as well as fears of taking on Petroleum Geo-Services' hugh debt loan. Singer says even with lowered estimates and a relatively weak seismic market outlook, Veritas' strong stand-alone balance sheet and 46% underperformance vs. the OSX index since the announcement of the deal makes for an extremely compelling valuation. Singer upped the price target to $13.