Actuate Shares Up, Analyst Upbeat On Xenos Buyout
SEATTLE (AP) ¿ Business software maker Actuate Corp. jumped Monday after an analyst said Actuate's takeover of Xenos Group Inc., another software company, should help it turn around declining revenue.
Shares of Actuate climbed 48 cents, or 12 percent, to $4.49 in afternoon trading.
Roth Capital Partners analyst Nathan Schneiderman upgraded the stock to "Buy" from "Hold," and wrote in a research note that the current low price makes it an attractive time to buy.
Schneiderman wrote that the Xenos deal, plus overall improvement in the economy that should thaw corporate technology budgets, will likely yield growth in Actuate's revenue in the next two years.Actuate, based in San Mateo, Calif., should be able to cross-sell Xenos products to its existing large financial-services customers, the analyst wrote. Actuate agreed to buy Xenos on Dec. 8 for $35.5 million.
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