) to buy from hold.
Analyst Patrick Legland says he is comfortable with the upgrade and new target (EUR 44 to EUR 51) despite the risk of short-term consolidation after a recent rally. He expects a positive news flow on fundamentals to continue to drive the stock, with further potential if recovery materializes in the second half. He raised his $0.78 2002 EPS estimate to $0.81, and says the estimate assumes 14% revenue growth, and 16.2% EBIT margin. Legland sees $1.09 for 2003, and sees significant productivity gains as Business Object expressly stated it doesn't expect to increase its salesforce in 2002.