Jefferies Cuts Computer Sciences to Underperform

From Standard & Poor's Equity Research

Jefferies downgraded Computer Sciences Corp. (CSC) to underperform from hold, explaining that the company is no longer for sale and its business is deteriorating.

Analyst Joseph Vafi notes factors such as slowing growth, light fiscal year 2007 (ending March) guidance, declining bookings, upcoming restructuring charges in Europe, and the lack of a clear strategy in India. He cuts his $3.52 fiscal year 2007 earnings per share (EPS) estimate to $3.46 and his $61 stock price target to $44.

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