Deltek Shares Rise On Barclays Upgrade
SAN FRANCISCO (AP) ¿ Shares of Deltek Inc. rose Wednesday after a Barclays Capital analyst upgraded the software provider's stock, saying the shares are currently undervalued and set to increase.
Deltek shares rose 32 cents, or 4.5 percent, to $7.39.
In a client note, Barclays analyst Israel Hernandez raised his rating to "overweight" from "equal weight" and increased his price target by $3 to $10.
Hernandez said the shares are poised to rise with an expected cyclical recovery, due to the company's exposure to the architecture and engineering vertical that he thinks is starting to recover economically.He said he expects the company to increase its earnings guidance "as we move through a recovery" in fiscal 2010 and 2011, and said the shares' low valuation is also appealing.
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