Comverse Technology "buy," target price raised

06/19/09 - Wedbush Morgan Securities

NEW YORK, June 19 (newratings.com) - Analysts at Wedbush Morgan maintain their "buy" rating on Comverse Technology (CMVT). The target price has been raised from $8.50 to $10.00.

In a research note published this morning, the analysts mention that the company has settled with the SEC on the options backdating and other accounting practices. As part of the agreement, Comverse Technology is to complete its filings by February 8, 2010, which is earlier than expected, the analysts say. Recent channel checks indicate that the company’s position in the communications software market continues to be impressive, Wedbush Morgan adds.