S&P REITERATES HOLD RECOMMENDATION ON SHARES OF UNISYS CORP.
Tuesday 04/28/2009 10:00 AM ET - Standard & Poor's Research Notes
Q1 loss per share of $0.07, flat against a year ago, is wider than our $0.01 loss estimate. We project UIS's revenues will fall 11% in '09, given the dual problems of weak global economies and currency headwinds. Also, we think customers are reluctant to sign long-term contracts, given our view of UIS's tenuous finances. Its revolving credit facility expires next month and $300M in debt matures next year. The company is seeking ways to address these issues. We lower our '09 EPS estimate to a $0.01 loss from $0.07 EPS, but keep our $2 target price on these volatile shares.
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