Shares are gaining 0.33% to $30.39 on Thursday.
The firm noted that CA is a diversified software company going through a multi-year transition.
In a steadily declining mainframe business, CA holds a leadership position, and it also participates in "rapidly growing software markets," such as Cloud Management, DevOps, IT Business Management, and Security, according to the analyst note.
However, the question is whether the company can successfully return to sustained growth after 10 consecutive quarters of negative revenue growth, analysts said.
Given the risk around sales execution, an increasingly competitive enterprise solutions space, and risk around its recent acquisition of Rally Software for $480 million, analysts said they believe shares remain fairly valued.
Separately, TheStreet Ratings team rates CA INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CA INC (CA) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, increase in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."