Robertson Stephens cuts Comverse revenue estimate, lifts target

Analyst maintained Market Perform rating
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Robertson Stephens said on Monday it had revised downward its 2002 revenue estimate for Comverse Technology but raised its 2002 earnings per share estimate and price target for the share.

Analyst Marianne Wolk said in a report she had lowered the company's 2002 revenue forcast to $1.11 billion from $1.19 billion and raised the EPS forecast to $0.70 from $0.48.

She maintained a Market Perform rating for the share but raised her 12-month price target to $20 from $16.

The Israeli-U.S. computer and telecommunications systems maker's stock closed at $22.94 on Nasdaq on Friday.

Wolk forecast that cost cutting would offset Comverse's decline in revenues.