IT hardware industry "favourable"

06/16/04 - Prudential Financial

NEW YORK, June 16 (New Ratings) — Analyst Steven M Fortuna of Prudential Financial issues a "favourable" rating on the IT hardware industry.

In a research note published this morning, the analyst mentions that investments in ERP systems is likely to be the top priority for the large enterprise IT spending patterns in the near term. HJ Heinz, a global processed food products company, expects its IT budget to increase by 7-10% annually over the next three years, primarily driven by its ERP-related initiatives, Prudential Financial says.