JMP Securities Raises Advent Software to Strong Buy
JMP Securities upgraded Advent Software (ADVS) to strong buy from outperform.
Analyst David Scharf says shares of Advent Software have been essentially flat year-to-date despite improvements in practically every demand metric. While he doesn't have a call to make on the first quarter that will be reported shortly, he believes a turnaround at Advent that began over 18 months ago is in full swing. Specifically, he notes the transition to more recurring term licenses; introduction of next generation APX product, which expands its target market; and gradual cost rationalizations that have led to dramatic acceleration in cash earnings.
Scharf raised his $31 12-18 month price target to $38.